Lupin posted revenues of Rs 38.7bn with decline of 12.8% YoY growth which was below our estimate of Rs 42.58bn (~9.1% below est.). EBITDA margin, at 19.9%, was below our estimate of 23.5%, mainly due to 3.2 % decline in gross margin (GST impacted 2.5% of gross margin). R&D; expense stood at...