PI reported better than expected results driven by strong demand for key commercialised molecules and Isagro's performance. Prudent raw material management, traction for branded portfolio, higher utilisation rates and better contribution from ISAGRO drove better than expected EBITDA growth of 34% to Rs 2.8 bn (PLe Rs 2.4 bn). We believe ramp up of 4 recently commercialised molecules and pipeline of +40 products (5-6 molecules in FY22, 12-15 molecules in the next 2 years) will drive growth in coming years, along with...