Top picks: SUNP, ALKEM, DCAL This will be the third consecutive quarter with double-digit top line growth for our coverage universe, aided by improved base businesses in the US and domestic business growth of 11% YoY. We believe the buoyancy in operational performance is coming back. However, the speed of recovery will also be dependent on the ramp up happening in the specialty space of the US business, which will lead to sharp operating leverage for large cap companies like SUNP and LPC over FY20-21. Management commentary post 1QFY20 will be crucial. On the regulatory front, the USFDA has evidently become more stringent but major companies are keeping up on the back of diversification. Remain optimistic over pharma recovery.