Jubilant Life Sciences (JLS) delivered strong 3QFY18 results, with sales, EBITDA and PAT coming in above estimates. JLS recorded sales of INR20.7b (our estimate: INR19.9b), EBITDA of INR4.2b (our estimate: INR3.8b) and PAT of INR2.1b (our estimate: INR1.7b). Performance was led by improved business from the Life Science Ingredients (LSI) segment, full-quarter impact of Triad acquisition, and a lower tax rate. Strong show in LSI segment: LSI sales grew 39.6% YoY to INR9.3b, led by higher demand for JLS??? products. In addition, better pricing helped JLS to achieve highest-ever quarterly segment EBITDA of INR2b (margin of 22.3%).