In Q3FY24, our Pharmaceuticals coverage exhibited slight underperformance vis-a-vis estimates. Its revenue, EBITDA, and adjusted net income were 2.2%, 4.1%, and 2.1% below the estimates but EBITDA margin outperformed marginally by 8 bps to 22.8%. The aggregate revenue growth for the coverage was at 7.9% Y-o-Y (+0.3% Q-o-Q) to INR 500.70 Bn while EBITDA grew at 12.9% Y-o-Y (-0.7% Q-o-Q) to INR 113.97 Bn and EBITDA margins expanded by 101 bps Y-o-Y (-23 bps Q-o-Q) to 22.8% and adjusted net income rose by 21.9% Y-o-Y (-3.0% Q-o-Q) to INR 72.88 Bn for the quarter.