Ongoing USFDA issues putting break to US business growth; Domestic performance remains strong We expect the companies under our pharmaceuticals coverage to report revenue growth of 11.9% in Q2FY20 with 2.5% growth in profitability, aided by growth in the base business due to waning price erosion and lower base. The US revenues are expected to deliver 11% YoY growth, however on sequential basis we may notice de growth of 4% mainly due to lack of new approvals and nonrecurrence of one-time opportunities at Sun Pharma and Lupin. Regulatory hurdles continue to impact as the sector received six warning letters YTD. With respect to domestic markets, the growth is likely to favour companies with larger presence in acute therapy led by heavy rainy season. Emerging Markets growth has been affected by adverse pricing regulations and the impact should be seen in subsequent quarters too. Overall our pharma coverage would post Revenue/EBIDTA/PAT growth of 11.9%/13.8%/2.5% YoY in Q2FY20. We expect the EBITDA margin of our coverage...