Cipla's total income remained flat q-o-q but decreased 3.4% y-o-y to Rs 35,251 mn in 1Q FY18 falling short of our expectation. Cipla's domestic business recorded 12% y-o-y decline during the quarter mainly due to destocking in lieu of implementation of GST. EBITDA increased 27.7% q-o-q and 5.8% y-o-y to Rs 6,465 mn in 1Q FY18. EBITDA margin increased 421 bps q-o-q and 159 bps y-o-y to 18.3% in-line...