LPC's 4QFY21 operational performance was slightly below our estimates, led by a weak Flu season in the US and YoY decline in API sales. In addition to the ongoing exercise to control opex, it remains on track for the review process of limited competition products for developed markets. We have raised our FY22E/FY23E EPS by 2%/9% to factor in: a) outperformance in the domestic formulation (DF) segment, b) niche launches in the US and European market, c) extended benefit of cost savings in DF, and d) lower effective tax rate. We value LPC at 25x 12-month forward...