Ajanta Pharma's (AJP) 2QFY18 financial performance was better than expectations, with sales at INR5.4b (est. of INR5b), EBITDA margin at 34% (est. of 29%) and PAT at INR1.3b (est. of INR1b). DF and Africa drive growth: Sales grew 4.8% YoY, led by strong institutional anti-malaria sales and a recovery in domestic formulation (DF) business. However, a decline in US sales and moderate growth in Asia sales adversely affected overall sales growth for the quarter. Superior product mix and higher operating leverage led to 40bp YoY (+640bp QoQ) expansion in EBITDA margin....