Headline beat but no convincing signs of a turnaround yet 2QFY18 was the first quarter of sequential earnings growth for Lupin, after 4 consecutive quarters of sequential decline, driven primarily by strong margin performance (EBITDA margin improving by 173bps QoQ to 21.6%), supported by cost optimisation measures and controlled R&D; spend. While revenues of INR 39,520mn were broadly in-line with our estimates, EBITDA/PAT of INR 8,531mn/4,550mn beat our est. by 11%/25% due to stronger margin performance. US disappointed yet again with revenues declining by USD 34mn QoQ to USD 204mn (JMFe USD 223mn) mainly on account of volume loss in gGlumetza, base...