Domestic business (ex anti-malaria) delivers strong growth: India formulation sales grew 5% YoY to ~INR4.2b. According to management, domestic branded business (ex anti-malaria) grew ~23-24% YoY. IPCA lost ~INR350-400m of sales v/s 2QFY17 due to lower Malaria-related sales. Management expects growth to bounce back to low-to-mid-teens in coming quarters, led by channel re-filling. International generic revenue fell ~18% YoY, mainly on weak UK/flat US business. Institutional business reported revenue of INR220m, as ~INR150 of sales got deferred to 3QFY18....