1QFY21 earnings were mixed bag with revenue lower than our estimate however EBITDA, EBITDAM and PAT were higher due to lower SG&A; (operating leverage). We continue to maintain SELL and retain TP of Rs365(12x PE of FY22E) as its core business continues to witness headwinds that may impact growth and margin. GNP is our top sell idea as 1) US derma portfolio (35% of US revenue) continues to witnesses 15-20% price erosion, 2) has thin product pipeline for US market with guidance of 8-10 new launches...