TRP's 3QFY22 performance missed our estimate. The US Generics business remains the major drag on overall performance, with a lack of new approvals and a steep price erosion in the base business. Domestic Formulation (DF) remains in good stead, with healthy better-than-industry performance. The management intends to add medical representatives (MRs) to further strengthen the growth outlook in the DF segment. We reduce our FY22E/FY23E/FY24E EPS estimate by ~13%/7.5%/3.5% to factor in: a) a sharp reduction in the price realization of certain products...