India formulation remained muted with 1% YoY decline. We reduce our earnings estimate by 7% as we revise our EBITDAM lower to 16% (earlier 19%) for FY21E on the back of increased operating expense. 2QFY21 earnings were below our estimate even with most of the regions except India witnessed good growth. The disappointment was primarily at EBITDA level due to increase in operating expense of 34% QoQ, which led EBITDAM of 14% v/s our estimate of 20%. LPC guided for 18.5% EBITDAM for...