The emerging markets grew by 107% YoY with growth in institutional biz. driven by TDL. The company announced its partnership with TLC to launch Amphotericin B Liposome for Injection 50mg. We expect a revenue CAGR of 15% over FY21E-FY23E on the back of strong existing product portfolio, new product basket to aid COVID treatment and strengthening of front-end presence. Hence, we upgrade our rating from Accumulate to Buy based on...