Cadila's Q2 EBITDA (+67% YoY, 22% above our estimate) was driven by gLialda (~USD 80-90 mn in our view) in US. EBITDA margin was up 520 bps YoY/1,405 bps QoQ at 26.5% on positive operating leverage, as India sales also grew 9% YoY. PAT at Rs 5.03 bn was in line with estimates on higher tax expense..