Neuland lab (NLL) has posted revenue of INR 2,454mn with a 20.4% YoY increase, which was 14% above our estimate of INR 2,150mn. The revenue growth was mainly driven by strong traction in the CMS (78.6% YoY growth) segment, led by 33 molecules (Development + Commercialize) along with the Speciality API segment, which grew by 20.5% in Q3FY21. EBITDA margin expanded by 510bps to 19% level, which was 76bps higher than our estimate driven by improved product mix. Management is confident to improve margin profile from the current level on the back of strong order book in CMS business, better traction in GDS business, and cost optimization measures. NLL reported a PAT of INR 267mn (up 141% YoY) compared to our PAT estimate of INR 202mn led by operationally...