JBCPL reported a strong Q1, led by 8.6% YoY growth in domestic formulations (11% QoQ despite a high base) vs IPM de-growth of 5%. The sharp growth was driven by cardiac portfolio (up 24%) Cilacar and Nicardia as acute declined 1% YoY. Exports (both formulations and API) grew 28% YoY led by higher stocking. Improved product mix coupled with lower opex led EBITDA margins surge to 34% (up 980 bps YoY). Management expects to outperform IPM growth and sustenance in export growth in FY21E. Further, it remains confident of its growth in the...