IPCA continued its USFDA tragic saga in 2QFY16 as well. Sales (down 4% yoy, 1.2% qoq) was impacted by (1) Currency headwinds across geographies (2) Softness in India formulations, driven down by high dependency on malarial sales. Adjusted EBITDA margins at 13.2% (down 400bps yoy and 160bps qoq) are function of weak sales. Management reiterated its India and overall sales guidance at 12%/7-8%, respectively for FY16E. The guidance is contingent on ramp up in institutional malaria business (dependent on Global Fund approval), excluding which the top-line is expected to remain flat. Traction in HCQS and institutional...