India formulations growth core to overall growth Domestic formulations (~63% of FY19 revenues) grew at 4.4% CAGR in FY16-19. The subdued growth can be attributed to high concentration of acute therapies and one of the lowest MR productivity. With a market share of ~0.7% and overall rank of 29, the company is still a marginal player with some top brands in smaller categories like stomatologicals. However, with a positive outcome of restructuring exercise and likely improvement in MR...