Shilpa Medicare’s (Shilpa) Q2FY23 performance was a big miss on profitability front.Revenue declined 11.0% YoY to Rs2.6bn (I-Sec: Rs2.6bn) due to decline in sales in formulation segments. EBITDA margin at 4.9% (I-Sec: 12.0%) contracted 1,340bps YoY and 320bps QoQ.