Immediate impact nominal but suspense over future revenues The management has indicated just 3-4% impact due to exemption of key products from the import alert. The impact also includes effect of CRAMS business, which has a direct link with DMFs from Vizag. However, we are more concerned about the spill over effect of import alert on the custom synthesis business, which is driven by customer stickiness. This may also trigger other regulatory inspections especially by European authority EMA. EU, US together contributed ~73% of total sales in FY16. Note that...