Q1FY18 revenues were down 10.9% YoY lower than our forecast by 4.6%. EBITDA margin of 20.1% were lower than our estimates of 20.5%, mainly on the back of increased staff and other expenses. However, PAT of Rs1.88bn, -35.6% YoY, was 8.5% lower than our estimates given higher tax rate. India business traction a little slower owing to GST and slower-than-expected pickup from Novartis brands, 8-10 launches in US and volume growth in Brazil to...