Strides Pharma (STR)'s 3QFY21 performance came in below estimates due to the COVID-related impact on the US and Africa biz. Recovery in the Other Regulated (OTR) business was led by healthy volume traction. At the strategic level, STR would de-merge its Biotech business under Stelis Biopharma and intends to list this, thereby unlocking value for shareholders. We cut our earnings estimate by 19%/7%/5% for FY21/FY22/FY23, accounting for weak Flu season related demand in the US and slower offtake of medicines related to Acute therapies in the Africa business. We roll...