Laurus reported robust 2Q beating our estimates primarily driven by stellar growth in formulations. Though majority growth is led by ARV tender based opportunities, leveraging its backward integration, Laurus has demonstrated commendable execution capability as the growth is volume led without any one-offs. Management remained confident of growth sustenance in 2H as well. In order to supplement future growth, Laurus has undertaken a massive capex program (Rs12bn) of which Rs5bn is allocated...