The pharma results (excluding Sun Pharma) were better-than-expected on all fronts. The US base business seems to have stabilised as the price erosion is largely restricted by volume gains. The growth in the US was on the back of new launches and currency tailwinds. As expected, Indian formulations growth was impacted during the quarter mainly due to high base of restocking post GST implementation. The margin performance was better-than expected mainly due to the lower impact of Chinese sourcing pressure and APIs that are pegged with crude prices. On the geographical...