mid-cap space due to 1) pure domestic play with insignificant regulatory and currency risk, 2) contribution of chronic/sub-chronic products with steady demand structure, 3) strong balance sheet and 4) less dependenace on Chinese API and KSM. We maintain BUY recommendation and retain TP of Rs576 based on PE 21x of FY22E. Gross margin and employee cost brings EBITDAM lower: Revenue grew 6% YoY to Rs 2.8bn (PLe: Rs2.8bn), while EBITDA declined 3% YoY to Rs989m (PLe: Rs1.0bn). Gross margin was 300bps lower YoY at 80% due to launch of OTC...