Neuland lab (NLL) reported revenue of INR 2,365mn (-3.6% YoY, -8.3% QoQ), which was above our estimate of INR 1799mn mainly due to lower than expected decline in the Speciality API and healthy sequential improvement in CMS business. On a segmental side, Prime API business (47% of revenue in FY21) de-grew by 19.3% YoY, mainly impacted by customers' issues on the market-share and inventory front for two of their key products ( Levetiracetam and Mirtazapine). Specialty API business had a decent quarter (+7.1 YoY) with a key contribution from Ezetimibe. Despite the absence of revenue from the Key product, CMS business reported the highest ever quarterly revenues in Q3 with a growth of 4.2% YoY basis. On a sequential basis, CMS revenue improved by 36%, on account of 173% QoQ growth in commercial revenue. Management expects at least two molecules to be...