We expect muted top line growth (7%YoY) for our sector universe in 2QFY17E, largely driven by on going US FDA issues, increased competition in profitable products and lower number of ANDA approvals. EBITDA will decline on a high base of 2QFY16, which includes gAbilify profits during 180 days exclusivity. We believe the situation will improve substantially in 4QFY17/1QFY18 with US FDA issues getting resolved for most of the companies.