Ipca Laboratories (IPCA) delivered a marginally better-than-expected 3QFY21 financial performance, led by higher revenues in the Generic/Institutional Anti-Malaria segment as well as improved profitability in its subsidiary (Onyx Scientific) and associate company (Tropic Wellness). Capacity enhancement remains on track for the API business. Opex remains controlled for the Domestic Formulation (DF) segment. We raise our earnings estimate by 4%/2% for FY21/FY22, but lower our estimates by 7% for FY23, factoring in a) recovery in the outlook for Branded...