Q1FY22 Result Update - Miss on all counts; Competitive pressure and lack of visibility drives downgrade - REDUCE
Tax rate guided at 27-28% from 30% in FY22E. We see a near term challenging period for Lupin (LPC) and downgrade our recommendation to REDUCE' from Accumulate' due to delay in resolution of two key plants (Goa and Indore unit-2) as more than 50% of pending ANDAs...