Alkem reported an in-line 2Q driven by exports and speedy recovery in India. Despite an acute heavy portfolio, India formulations were flattish YoY, up 35% QoQ exhibiting a sharp recovery aided by double digit growth in trade generics. US ($84mn) was strong with 12% CC growth backed by new launches and market share gains. As marketing and promotional activities resume slowly in India (~70%), EBITDA margins came 120bps lower sequentially at 25.4%. However, with promotional activities resuming normalcy we expect 2H to report margins of 15-16%,...