Adjusting for certain one-off exceptional items, Q3 results were in line with I-direct estimates on all fronts. Aurobindo has one of the most enduring generics ecosystems among peers (vertically integrated model, lower product concentration) to withstand volatility in the US and other generics space. It has also significantly improved its net debt position from foregoing the Sandoz deal and from the recent sale of Natrol business. This also bodes well as the company plans to venture into complex areas like biosimilars, vaccines and complex injectables where capital requirements are higher and...