Alembic Pharma (ALPM) delivered in-line operating performance for 3QFY22. The growth momentum in domestic formulation (DF) business was offset by weakness in exports and API segment on a YoY basis. Interestingly, the US sales have been largely stable for three quarters now. We have reduced our FY23E/FY24E earnings by ~4%/2% to factor in: a) a delay in injectable approvals, b) higher logistics cost, and c) better outlook in DF segment. We value ALPM at 18x 12M forward earnings to arrive at our TP of INR820, implying 8% potential upside. Maintain Neutral....