3QFY22 miss led by business mix and lower operating leverage LPC delivered a lower than expected 3QFY22 financial performance, led by moderate growth in the US and India and higher price erosion and raw material cost. While the management continues its efforts towards building a complex pipeline and working on cost optimization measures, a meaningful benefit is expected from 2HFY23 onwards. We have cut our FY22E/FY23E/FY24E EPS estimate by 12%/26%/23% to reflect: a) lower offtake of seasonal products in the US, b) reduced demand...