Another quarter of strong margin trajectory in non -Taro business. Sun Pharma (SUNP) reported strong EBITDA growth of +17% YoY and -1.3% QoQ in 2Q aided by 1) ramp up in specialty sales, 2) focus on domestic market and 3) steady growth across ROW market. Company's significant investments and efforts in in specialty business has started paying off as visible in upward trajectory of revenue. Sustained momentum in specialty will help in improving operating leverage and margins. Domestic formulations (32% of total revenue) continue to outperform IPM. We recommend Buy' with...