Cadila results were below our estimates, sales were at Rs21.4bn (est. Rs25.4bn) taking into account higher than expected de-stocking on account of GST implementation. Management guided the EBITDA margins at 18% for Q1FY18 post adjustment of GST impact at the similar levels as of Q4FY17. PAT was at Rs1.4bn 66% down YoY and 64.7% down QoQ. While the Gross margins have fallen from 65.1% in Q1FY17 to 61.2% in Q1FY18, which were lower than our estimates as we had accounted for some gLialda inventory push during the quarter. However, with the management guiding the...