We expect the companies under our pharmaceutical coverage to clock 36.7% (YoY) earnings growth with an 8.4% (YoY) rise in the revenue base, led by a notable recovery in the domestic market and healthy growth in the export market. In the domestic business, the chronic portfolio continues to be steady, and acute therapies are recovering slowly. US formulations are expected to grow due to a ramp-up in speciality products supported by improving prescription trends, new product launches, and favourable currency movement. We expect a moderation in API sales, which were abnormally high during H1FY21 due to the stocking of raw material by formulation companies. The recent INR weakness will also benefit Indian pharma companies, but some of the margin benefits are being offset from EM currencies and higher API/ KSM costs. Overall, our pharmaceutical coverage would...