headwinds and lower ARV sales, while US sales improved QoQ. Sustainability of current run-rate of US sales is key, which hinges on timely niche approvals along with stabilisation of pricing pressure in base business. ARBP has multiple growth drivers in place with investments in vaccines, injectables, biosimilars and API, which are expected to be reflected from H2FY23. In near term, cost headwinds will continue to drag profitability. At CMP, stock is...