The country’s second largest animal vaccine manufacturer with 35% market share derives 88% of its revenue from poultry, while 12% comes from large animals. Its revenue also includes medicines, feed supplements and disinfectants for animals. Financially, the company posted exuberant 22% and 29% revenue and PAT growth, respectively, in FY17. In Q2FY18, it has invested USD 3 million in its African subsidiary to set up vaccine plant to cater to the demand from entire African continent, which imports 80% plus vaccines currently. Going forward, the company is expecting tenders for its PPR vaccine in the Dec. 2017 or March 2018 quarter and also tenders for Brucella vaccine. The company maintains its 20% growth guidance for FY18 amid expected 100% growth in exports as against FY17. Its exports account for 12% of revenues. The company is also mulling further focus on exports of large animal vaccine. With this, we recommend BUY in the scrip.