Torrent Pharma (TRP)'s 3QFY21 performance was below estimates. Recovery in the Domestic Formulation (DF) / Germany business was offset by decline in the US and currency headwinds in Brazil. Reduced opex kept profitability at elevated levels. We reduce our EPS estimates for FY21/FY22/FY23 by 4%/8%/6%, factoring in a) an increase in operational expenses with the resumption of promotional activity by MRs in the DF segment and b) the lack of new approvals due to USFDA-imposed regulatory issues at Dahej/Indrad. We continue to value...