Granules India’s revenue has increased at a flat pace of 0.8% Y-o-Y (-2.9% Q-o-Q) to Rs. 11,556 Mn for Q3FY24 (vs. our estimate of Rs. 12,379 Mn, miss by 6.7%) The miss was due to lower than anticipated growth in API sales (19% of revenue, miss by 48%). API sales decline was due to reduction in paracetamol formulation prices, which has followed reduction in the prices of its key starting material (KSM).