Post volatile CY20 and CY21, we expect CY22 to be predictable and steady with low COVID-19 cases coupled with high vaccination; however, Omicron variant could turn out to be disruptive. We remain positive on the sector as 1) India business is expected to grow in double digit, 2) continuous cost-control measures would likely support margins and 3) US business could report incremental growth led by new complex launches, subdued base and normalising price erosion.