Taro's 2Q results is reflective of 6th successive quarter of declining volumes (adjusted for price benefits in 2QFY15) led by customer consolidation, increasing competitive intensity and overall industry consolidation. Taro is a key strategic asset for Sun and contributes significantly to the latter's margins. Steady build up of cash and ANDA pipeline are medium term positive which allow for strategic flexibility. However, owing to structural headwinds in Sun's base business, we...