Ipca Laboratories (IPCA)'s 4QFY21 performance was below expectations, weighed by moderation in the Domestic Formulation (DF) segment and API sales. However, IPCA remains on track to deliver healthy mid-teen YoY growth in the Branded Generics segment. Increased business share from the integrated manufacturing value chain and better operating leverage in DF would drive improvement in profitability going forward adjusted for onetime business from Hydroxychloroquine Sulfate (HCQS) in FY21. We lower our EPS estimate by 5%/2% for FY22/FY23E, reflecting a) sales growth constraints in the API/Generics segment and b) an increase in...