We increase our EBITDA/PAT estimates by 8%/13% for FY22E and 3%/5% for FY23E to factor in higher business growth from new launches and better margin profile of inlicensing molecules. We roll over to FY23 earnings, increase the target multiple on the stock from 9x to 11x. Due to recent run-up in stock price, we downgrade the stock to ACCUMULATE (from Buy) with revise target price of Rs 817 (Previous 506) based on 11x FY23 EPS of Rs 74.3. In the current scenario of buoyant stock markets, the steep discount at...