Amongst top therapies anti-Infective, Cardiac, GI, anti-diabetic and VMN led IPM growth by 141.9%, 31%, 47.7%, 20.2% and 59.8% YoY in May-21. IPM growth in last few quarters remained below our expectations but with rise in Covid-19 cases since March'21 and limited lockdown restrictions, there was robust market share growth led by pick-up in overall volumes. We believe key reasons for such growth are (i) re-opening of doctor's clinics and noncovid hospital services supporting volume growth (ii) increase in patient footfall leading to new prescription (NRx), (iii) increased demand for Covid19 related precautionary products, (iv) sign of recovery in demand of acutetherapy products and (v) low base in Apr-May FY21 due to first wave. Amongst top therapies, anti-infective showed a sign of recovery and...