We maintain BUY on Alembic Pharmaceuticals Ltd (ALPM') and increase our March FY22 TP to INR 1,480 (from INR 1,475 on modeling changes) thus an upside of 47% over the CMP. Q4FY21 results were on expected lines. Subdued US performance was on the back of headwinds coming from Sartans pricing erosion, which is likely to continue in the medium term. RoW business was a pleasant surprise on the back of low base post serialisation. Domestic continues to underperform due to Covid related headwinds; Specialty to lead the FY22 growth. Key medium term trigger would be USFDA's EIR for the general injectable plant which has already been audited by the USFDA on Feb-2021, deemed mission critical. Using DCF, we value Umbralisib at INR 160 per share discounting these sources of revenues including milestone based payments and CMP revenues over Umbralisibs commercial life. ALPM is currently trading at ~12x / ~9.6x EV / EBITDAx for FY22E / FY23E....