We cut our EPS estimate for FY22E/FY23E by 23%/14%, factoring in a) prolonged concerns on escalated raw material prices, particularly for Paracetamol, and b) China-led supply disruptions resulting in higher logistic costs. We value GRAN at 13x 12M forward earnings to arrive at TP of INR330. Headwinds related to raw materials are expected to ease over the medium term, and GRAN continues its effort towards building the ANDA...