Coverage Pharma Universe to maintain the growth momentum, we expect revenue growth of 20.7% y-o-y in Q4FY14E: Robust performance of Indian Pharma companies is likely to continue in the current quarter also. Companies under INSPL Pharma Coverage Universe are expected to grow at healthy rate of 20.7% y-o-y in Q4FY14E. Revenue growth in domestic market is likely to revive on sequential basis from 11.9% in the previous quarter to 12.7% in the current quarter. US market is expected to maintain robust growth & likely to grow 39.5% y-o-y in Q4FY14E. Exports to Brazil are likely to revive during the quarter mainly anticipating normalization in regulatory issues. JPY depreciation against INR (on y-o-y basis) would represent muted growth for the companies like Lupin. We expect RoW market to report healthy growth. Among the pack, Shilpa Medicare is expected to report revenue growth of 67% y-o-y, followed by Aurobindo (+40%) Sun Pharma (+31%). Among the universe, DRL is likely to report optically lower growth of only 8% y-o- y mainly due to higher base in the same quarter previous year.
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