Lupin reported revenue growth of 20.2% YoY (+ 3.2% QoQ) to INR 51,974 Mn (vs our estimate of Rs. 49,064 Mn) in Q3FY24. It was driven by 21.2% YoY (+2.8% QoQ) increase in Formulations’ revenue (~94.5% of revenue) and a 1.3% YoY (+3.5% QoQ) decline in API revenue (~5.5% of revenue).