Lupin (LPC) delivered in-line operational performance in 4QFY24. LPC endedFY24 on a strong note, with INR198b in sales (up 19% YoY), EBITDA margin of18% (up 750bp YoY) and PAT of INR19b (vs. INR4b YoY). LPC continues toimplement efforts toward building a complex product pipeline in inhalation,injectables and ophthalmics.