Lupin continues to post results below expectations. The company reported a 3.9% YoY (-3.6% QoQ) decline in revenue to INR 37,438 mn in Q1FY23. It was far lower than the INR 42,740 mn of revenue we anticipated for the quarter. The underperformance vs. the estimates was largely due to a 28.0%, 17.0%, and 19.0% lower revenue in the US, India, and the Rest of the World (RoW), respectively than anticipated.