Domestic formulations (~57% of FY18 revenues) have grown at 9% CAGR in FY13-18. The subdued growth can be attributed to high concentration of acute therapies that account for ~80% of overall formulations. With a market share of ~0.7% and overall rank of 31, the company is still a marginal player with some top brands in smaller categories like stomatologicals. However, with a positive outcome of restructuring exercise and improvement in MR productivity, we expect FY20E Indian formulations to deliver ~9% growth in FY18-20E to | 706 crore....