IPM grew by 18.5% mom and 51.5% yoy in Apr 2021. The yoy growth was driven by the base effect and COVID-19 sales surge. From our coverage universe, Cipla and Alkem were outperformers, while Natco Pharma underperformed for the month of Apr 2021. We maintain our Overweight stance on the sector and our top picks remain Dr Reddy’s Laboratories, Cipla, Alkem, Natco Pharma and Indoco Remedies.
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