1QFY21 earnings were in-line with our estimate with sequential decline in revenue and PAT of 4% and 8% respectively. We believe incremental growth would be challenging for US business due to regulatory issue and slowdown in AuroMedics portfolio caused by lower footfalls in hospital. Auromedics (17% of US sales in FY20) declined by 33% in last 2 quarters and outlook remains bleak. Despite FY21E guidance of 45-50 new launches in US, ARBP may lag behind as resolution over multiple plants remains elusive. ARBP also...