Tepid quarter; Expect better traction in 2HFY16E Unichem's 2QFY16 result is a dampener as it continues to overcome the growth challenges in export formulations (up 14.5% yoy). It missed our numbers by 7%/29%/39% for sales, margins and APAT, respectively. While the sustained growth in India formulations (up 13.2% yoy) is a relief, operating performance (at 10.7% - down 30 bps yoy and 190bps qoq) succumbed due to poor product mix. Traction in the US business (up 43% yoy in 1HFY16) partially offset the losses in the UK subsidiary. We assess that ramp up in the US will boost export growth, while...