~32% YoY to INR1.3b (+3% v/s our est.), including INR52m of one-time income from the sale of properties. Significant recovery in inventory post GST: GLXO saw a huge improvement on the revenue front sequentially (up 43% QoQ), primarily due to a recovery in inventory to pre-GST level. Notably, GSK lost around two weeks of sales in 1QFY18. Although revenue increased YoY, it was impacted by 6% due to price deflation led by GST (but profit-level impact of GST was neutral). After adjusting for price deflation, margins stood at ~22%. With inventory levels...