Laurus Labs (LAURUS) 1QFY22 earnings missed our expectations. The robust performances in the Finished Dosage Formulations (FDF) and Synthesis segments were more than offset by a muted show in the Active Pharma Ingredients (API) segment. That said, in addition to having an established business in the Anti-Retroviral (ARV) segment, LAURUS is on track to build new levers for future growth in Contract Development and Manufacturing Operations (CDMO) and Non-ARV API/Formulation. We tweak our FY22E/FY23E EPS estimate, factoring in a) moderation in the...