Margins in line, higher other income beats profits Strides' 2QFY16 result was in-line on the operating front at 13.1%; however, higher other income led to 20% beat in profitability. The regulated market (including 1 month of Arrow sales) remained the pioneer of growth led by ramp up in new products. Management has guided for sales of Rs18-20bn and EBITDA of Rs3.53.8bn in 2HFY16E. We remain optimistic on company's business prospects in India, Africa and the US. Besides, its merger with Shasun and integration of Arrow Pharma will help create significant value over medium term, as operational synergies play out. Focus on increasing profitability and reduction in debt remains...