Q4 growth was led by strong growth in export markets (albeit on lower base) and lower staff, travel & promotional costs. The management expects 80-90 bps margin improvement in FY22 to ~19%. After going through rough patches in FY18-20, where Indoco faced headwinds on the domestic front (structural issues, pandemic) and exports front (regulatory setbacks), the situation is returning to normalcy. Indoco is expected to post strong FY22 topline growth as domestic sales normalise and grow amid opportunities arising out of post-Covid complications. Export formulations are also...