BIOS delivered lower-than-expected 4QFY21 result due to: a) moderation in performance of Biosimilars, and b) sluggish growth in Generics. While the business environment remains challenging on account of COVID-19, it continues to build a product pipeline of Biosimilars/Generics to create a foundation for growth over the next 4-5 years. We lower our FY22E/FY23E EPS estimate by 10%/3%, factoring in a delay in: a) approvals for Biosimilars in the US, b) award of tenders in emerging markets, c) gradual build-up of the insulin glargine business, and d)...