Cadila reported an in-line 2Q driven by strong growth across India, US and the API segment offsetting the muted growth in consumer segment. Revenue grew 16% YoY, an improved product mix (double digit growth in India formulations and US sales at $230mn, up $13mn QoQ) led to healthy gross margins at 64.9%. Impact of MEIS offset lower marketing spends, thereby, restricting EBITDA margins at 22.6%. Adjusting for the one-time charge of Rs1.3bn, for NCD purchase and forex loss, PAT grew 63% YoY at Rs6.2bn. Cadila strengthened its balance sheet by reducing debt of Rs27bn...