Hikal ventured into the pharma API business by virtue of acquisition of Novartis' Panoli plant in the year 2000. In a short span of time, banking on its chemistry skills, the company has been able to tap incremental customers via the CDMO route. Hikal also operates as a dedicated API supplier as it expands its portfolio. We expect the pharma segment to grow at 13.1% CAGR in FY20-22E to | 1135.3 crore on the back of new offerings and repeat business from CDMO customers. Crop protection growth to piggyback on client relationship...