JP delivered in line earnings, despite a better than expected revenue in 1QFY22. The COVID-related business led to a strong YoY revenue growth. However, reduced number of lung procedures in the Radiopharma segment, increased price erosion in the Sartans portfolio, and price erosion in the base portfolio in the Generics segment led to lower-than-expected profitability, offsetting benefits of higher revenue. We have reduced our FY22E/FY23E EPS estimate by 14% each to factor in: a) delay in potential products on account of the import alert at Roorkee, b)...