Ajanta Pharma reported stellar Q2 beating our estimates on the operating performance. Top-line grew 8% YoY, in-line with our estimate, driven by US and branded Africa business. Other geographies including India were muted. However, lower opex aided margins at 38.3% (up 490 bps QoQ and 1,070 bps YoY), way higher than our estimates. While the same is expected to taper as activities resume in subsequent quarters,...