Cipla reported a strong set of numbers for Q2FY2020. Topline grew by 10% y-o-y to Rs 4,396 cr, marginally ahead of estimates. Operating margin (OPM) expanded sharply by 320 bps y-o-y to 20.7%, ahead of our estimates. Operating profit grew impressively by 30% y-o-y to 910 cr. Adjusted PAT at Rs 480 cr grew 31% y-o-y, comfortably beating our estimates. The management has pointed that the concerns around realignment of distributors for the domestic business have been resolved. In Q3FY2020, business is expected to normalise as momentum would improve. New launches lined up by the company across geographies in...