Rs3.1bn for FY23E, with strong India formulations growth. We revise our earnings estimate by downward by 2.6% for FY22E due to tepid performance of acute therapy medicines in IPM given the 2nd wave of pandemic. While, we increased estimates for FY23E by 2.5% in FY23E on back of increase in EUs growth projection. INDR's 3QFY21 revenue and PAT missed our estimates, due to sharper decline in India formulations and API...