Torrent Pharmaceuticals (TRP) has delivered an in-line 2QFY20 performance in sales and EBITDA terms. Sales grew by 6% YoY to Rs 20.0bn. Domestic business grew by 10% YoY. Adjusted for base impact of discontinuation of certain products (2% negative impact) and change in sales cut-off recognition (1% negative impact), domestic revenue grew 13% YoY vs our estimate of 12%. US sales declined by 3% YoY to US$54mn (in-line) due to lack of new launches. Brazil revenue rose 6% YoY to Rs1.6bn, Germany was flat YoY at Rs2.5bn and RoW grew by 18% YoY to Rs2.0bn. Gross margins rose 210bps YoY to 73.2%, which led to EBITDA margin improvement of 200bps YoY to 27% against our estimates of 26.5% aided further by better product mix. EBITDA...