Chemical segment revenue grew 27%YoY: Merck's pharma segment's revenue grew 14%YoY to Rs2.24bn from Rs1.96bn 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 (26% of revenues) grew by 27%YoY. We expect the high-margin pharma business to drive future growth. Margin grew by 340bps YoY: Merck's EBIDTA margin grew by 340bps YoY to 15.8%...