Cadila results were above our estimates, sales were at Rs31.9bn (est. Rs30bn) mainly due to better than expected sales in the US markets. EBITDA margins at 24.2% (est. 25%) for Q3FY18 given some one-off at line-items due to the changes. PAT was at Rs5.4bn (est. Rs5bn) up 67.7% YoY.While the Gross margins have risen to 64.8% Vs 60% in Q3FY17, given the strong launches. EBITDA margins were at 24.2%. Given all the regions supporting growth, improvement in the sales mix to support better margins and cost curtailment, however, 1/3 of approved products not yet launched in US, we have revised up our Sales/EBITDA/EPS for FY18 by...