Strides Shasun's (STR) 2QFY18 sales of INR10b were better than our estimate of INR8.9b. EBITDA margin of 13.2% missed our estimate of 14.5%. Adjusted PAT of INR253m too was lower than our estimate of INR439m. Regulated market and branded generics drive sales growth: Sales grew 4.4% YoY (+18.2% QoQ) to INR10b for the quarter. With a trough formed in 1QFY18, there has been increased business from the regulated market, and also from branded generics in the emerging market. Weak institutional business in the emerging market affected overall growth for the quarter....