IPM growth has been very volatile during lockdown (April-July), despite no restriction imposed on the industry. Anti-Infective continued to be most impacted, while Cardiac was an outlier showing healthy growth in every lockdown month. 1QFY21 sales of domestic formulation were negative for most companies, and real growth was only reported by ERIS and IPCA. Early trends and management comments indicate 2QFY21 domestic formulation sales could be negative as MRs continue to be off-field and vector borne disease cases have also been on lower side. The biggest beneficiaries for...