Top picks: DRRD, JUBILANT, LAURUS This will be the second consecutive quarter with double-digit top-line growth for our coverage universe, aided by a 9% YoY fall in the Rupee, stabilized generic price erosion and improved launch momentum in the US. However, on a QoQ basis, we expect a ~2% decline in the top-line due to a weak season for acute-heavy companies and substantial inventory adjustment in SUNPs India business post discontinuation of a contract with AML (promoter owned entity). Specialty spend by bigger pharma companies like SUNP/ LPC, and a seasonally weak quarter for companies like Cipla/ Alkem will weigh in on profitability. At an aggregate level, EBITDA margin and earnings are expected to remain flat QoQ (+100bps/-7% YoY).