Strong revenue growth across India, EU and RoW markets: Revenue grew 14% YoY to Rs31.7bn vs our est of Rs31bn. During Q3, Ichnos entered into an exclusive licensing agreement with Almirall SA and received upfront payment of EURO20.8mn. Adjusted for this revenue growth was 7% YoY. India formulations grew strongly by 14%. US growth was flat QoQ to US$101mn. LATAM sales declined by 9% YoY due to pandemic challenges in Brazil. Robust growth in RoW of 24% YoY, aided by strong traction in Ryaltris. EU...