The pharma results were a mixed bag as Indian formulations growth was strong on expected line but US growth was below expectation. On the margins front, the results were mixed as favourable currency benefits were mitigated by Chinese sourcing pressure and APIs that are pegged with crude prices. On the geographical front, the challenging environment in the US generic pricing space continued to impact overall US growth. However, excluding US and Brazil (country specific issues) most other geographies reported strong growth on the back of new launches and favourable...