How are you picking your spots in pharma? How are you picking two or three names from two to three dozen listed companies?
Every pharma company is very unique and so it is not possible to buy everything. We have a few pharma companies. Our portfolio has companies which have some Covid exposure -- whether domestically or internationally. Also we are bit cash flow and value focussed and these are companies which are at max trading at a forward PE of 18-20 times. But as you rightly said, every pharma company is different.
So, what we have to look at is whether we have a pharma company which has a portfolio of products which are not very easy to make. They are complex. Whether there are some value upsides in the next two, three years in terms of some approvals coming or some FTFs coming and what has been their track record in terms of their regulatory approvals as far as their facilities are concerned.