• DRRD revenue, EBITDA, and PAT were largely in-line with our estimates.• We expect the revenue to grow at 10.3% CAGR and PAT to grow at 5.2% CAGR over FY24-FY27E showing our confidence that the company is getting advanced in the biosimilars pipeline, key launches for cancer therapy and chronic constipation in India and launch of abatacept to gain market share.