Aurobindos revenues grew remained flat q-o-q and y-o-y at Rs 37,008 mn in 1Q FY18 falling short of our expectations. Revenue growth was dampened by poor offtake in ARV and API business during the quarter. API business was negatively impacted by destocking in lieu of GST implementation during the quarter. Adjusted EBITDA increased 16.2% q-o-q but decreased 4.5% y-o-y to Rs 8,637 mn during 1Q FY18. Adjusted EBITDA margin increased 306 bps q-o-q but decreased 58 bps y-o-y to 23.3% in 1Q FY18 mainly due to higher than expected Cost of...