Despite the adverse impact on off-take of its Specialty portfolio due to COVID, SUNPs market share remained intact and gradual recovery is expected over the near-to-medium term. Maintain SUNPs 1QFY21 sales were down 10% YoY to INR75.7b (v/s est. Accordingly, we have raised our price target to INR635 (from INR525 earlier) on We believe SUNPs RoE is at a trough and would improve with 19% earnings CAGR over FY20-22E, led by improving traction in the Specialty portfolio, enhanced MR efforts in DF, and better operating leverage. Considering that market share remains intact, SUNP is continuing its efforts to build more traction in its Specialty portfolio. We expect US sales to show moderate growth SUNP delivered 3% YoY growth in 1QFY21 despite challenging market conditions on account of COVID. We expect 9% sales CAGR over FY20-22E in this segment, led by increased traction in DF outperformance (v/s industry) coupled with recovery from COVID related disruptions and gradual improvement in the Specialty portfolio segment.