3QFY17E will be a mixed quarter for the Indian pharma sector with some companies expected to deliver good operating performance and a few suffering from regulatory headwinds in the US. As a result, we expect muted top line growth (8%YoY) for our coverage universe in 3QFY17E. EBITDA will decline on a high base of 3QFY16, which includes gAbilify profits during semi exclusivity. Adjusted for gAbilify, the EBITDA growth will also be in a low single digit.