Natco’s Q1FY24 performance was ahead of our expectations on all fronts. gRevlimid continues to be an important growth driver though, in Q1, domestic and agrochemical biz too picked up after a long haul. Windfall from gRevlimid is invested in R&D (8-10% of sales) to build a generic pharma and agrochemical pipeline to aid growth beyond gRevlimid.