The import alert at Ipca's 2 plants came in as a negative surprise. However, we believe that resolution for the same will be a long drawn affair as Ipca will have to follow protocols laid down by the USFDA. Surprisingly, management's earlier guidance that observations made at Indore and Silvassa were not critical in nature, did not hold true highlighting the incorrect assessment of the 483s. Although it is difficult to ascertain the timeline, we assume ~2 years for the resolution (average industry norm). However, HCQS and Propanol have been exempted from the import alert at Silvassa and hence, there is no change to our...