PAT grew 92% YoY to | 97 crore (I-direct estimate: | 53 crore) mainly due to a strong operational performance Exports formulations main catalyst for growth but challenges await Export formulations (31% of FY17 turnover) have grown at 6.3% CAGR in FY11-17. Growth in exports formulations was on the back of growth in both international generics and international branded formulations. The international anti-malarial institutional business has also contributed substantially to overall exports growth. US traction will take more time...