Revenue grew by 5%YoY: SIL's revenue grew 5%YoY to Rs6.67bn from Rs6.38bn and was impacted by uncertainties of GST launch. The company's top 18 brands contributed ~70% to revenues. Twelve of the 18 top brands surpassed the market growth rate of 2.8% in September'17. We expect these brands to drive the company's growth. SIL derives ~27% of its revenues from exports of APIs, formulations and insulin pens. Launch of new products and line extensions, volume growth of existing brands would drive future growth. EBIDTA margin improved by 460bps: SIL's EBIDTA margin improved by 460bps to...