We expect the companies under our pharmaceutical coverage to clock 38.8% (YoY) earnings growth base effect. Currency appreciation could improve the top line by 1.8% on a YoY basis. Overall, our pharmaceutical coverage would post Revenue/EBITDA/PAT growth of 14.2%/23.8%/38.8% YoY in Q1FY22. We expect the EBITDA margin of our coverage universe to improve by 176bps YoY, led by We expect Aurobindo Pharma's revenues to grow by 5.6% YoY to INR 61.6bn. US sales are expected to decline due to Natrol divestment and price erosion. The EU is expected to grow faster YoY supported by currency tailwinds and a lower base. EM and ARV to grow at a steady pace. The company's EBITDA margin to decline by 49bps due to higher R&D; spends and other expenses. PAT...