Q3FY18 revenues reduced by 13.1% YoY and 2.3% QoQ, above our forecast by 2.3%. EBITDA margin of 14.6% were lower than our estimates of 19.4%, mainly on the back of continuing pain in the US market and higher other expenses. PAT of Rs935mn, -79.7% YoY and -54.3% was taking into account writebacks and deferred tax asset which is applicable in all companies. Given the continuous pain in the US market, plus challenging environment with competition in gMupirocin, higher base business erosion and muted growth trajectory, we have revised downwards our sales/EBITDA/EPS estimates by...