India growth steady; Elder, Unichem acquisitions to enhance coverage Domestic branded formulations including CRAMs (46% of sales) have grown at 11% CAGR in FY13-18, driven by chronic focus and Elder acquisition. The acquisition of Elder Pharma's branded portfolio has added new therapies like neutraceuticals, gynaecology and helped fill up portfolio gaps. The Unichem acquisition is likely to bring in ~| 900 crore of branded portfolio comprising some power brands besides achievement of long term synergy benefits. We expect India sales to...