Hikal posted revenue of INR 5,325mn with 40.5% YoY growth which was above our estimate of INR 4,859mn mainly driven by strong growth in the both Pharmaceutical and Crop protection segment. On segmental performance: The crop protection segment grew by 54% (YoY) to INR 2348mn on the back of strong volume growth in existing products and commercialization of a new product from their newly built facility in Panoli Pharmaceutical segment revenue surged by 32% to INR 2,977mn based on increased volumes of existing API Generics and CDMO products. During the quarter, the company has filled US DMF for Favipiravir API to supporting both domestic and global markets. Despite 129bps contraction in gross margin, EBITDA margin managed to improve by 188bps to 20.5%, was 142bps...