CDH delivered in line 4QFY21 earnings. Healthy traction in the Domestic Formulation (DF) and Consumer Wellness has offset the impact of weak US sales and improved EBITDA margin. It is well-placed to benefit from preventive as well as treatment drugs for COVID-19, in addition to improving performance in its core DF portfolio. The innovative pipeline is also progressing well in clinical studies. We maintain our FY22E/FY23E EPS estimate. We continue to value CDH at 25x 12-month forward earnings to arrive at our TP of INR740. We remain...