IPCA expects at least 200-250bp EBITDA margin improvement (~18-18.5 in FY19E v/s a normalized margin of 16-16.5% in FY18E). This will be primarily driven by 1) India business growth of ~14-16%, 2) a significant reduction in remediation cost from ~INR500-550m in FY18E (~1.6% of sales) to ~INR40-70m in FY19E, 3) a reduction in manpower by ~600 (~200 in marketing and ~400 in manufacturing), 4) commencement of the WHO tender business from FY19E, and 5) other cost rationalization efforts to lower SG&A and other expenses. We expect further margin improvement in FY20 on the back of ramp-up of the US business and approval of injectables for the tender business.