Pharma segment revenue grew 13%YoY: Merck's pharma segment's revenue grew 13%YoY to Rs2.45bn from Rs2.18bn due to re-stocking by trade post successful GST implementation. Merck is a pioneer in the vitamin segment, with three major brands Neurobion, Polybion and Evion. Evion does not fall under the National List of Essential Medicines (NLEM) and hence its price hasn't been capped. The company's chemical business (22% of revenues) grew by 12%YoY. We expect the high-margin pharma business to drive future growth. Margin grew by 140bps YoY: Merck's EBIDTA margin grew by 140bps YoY to...