Ipca Laboratories Limited (Ipca) reported strong performance during the quarter. Sales for the quarter grew strongly by 23.2% y-o-y to Rs. 1,078 crore (16.9% above our estimate). Operating profit grew by 44.9% y-o-y to Rs. 207.9 crore (9.4% above our estimate). OPM improved by 289 BPS y-o-y to 19.3% (130 BPS below our estimate of 20.3%). Adjusted PAT reported growth of 50.4% y-o-y to Rs. 140.2 crore (16.8% above our estimate). Reported profit for the quarter grew by 88.1% y-o-y to Rs. 129.4 crore. Strong growth across domestic and exports (Formulation...