Alembic Pharma’s (Alembic) Q3FY23 overall performance was a mixed bag. Revenue grew 18.7% YoY to Rs15.1bn (I-Sec: Rs14.1bn). India business grew 11.7% YoY. API revenue was up 64.6% YoY (+10.9% QoQ) to Rs.3.3bn, partially supported by a bulk order in a certain CMO contract.