With 3.9% YoY decline in IPM in this fiscal already, India formulations focused companies may need to revise their growth estimates downward for FY21E. While Indian economy heads towards gradual re-opening, IPM growth hasn't witnessed much revival even with no restriction imposed on the industry. Apart from few therapies like Cardiac and Anti-Diabetic, rest have been on a declining trend or lacked consistent growth. India formulations sales declined (YoY) for majority stakeholders. We expect similar trend could follow in 2QFY21E as well as key players have reported decline in sales in first five...