Torrent Pharma’s (Torrent) branded generics business in India, Brazil and other countries (73% of revenue) grew 18% YoY in Q2FY24. Organic growth in India was 12% vs covered market growth of 7-8%. Spillover (~INR 250mn) from Q1FY24 and new launches aided 36% YoY growth in Brazil. Barring US (-17% QoQ to USD 30mn), all other segments posted healthy growth. Launches from Dahej (in Gujarat) and new oncology plant may lift US quarterly run-rate to USD 32-35mn ahead.