Sales rose 14% YoY to INR4.1b (est. of INR4.06b). EBITDA margin came in at 18% (-320bp YoY, -160 bp QoQ) v/s our expectation of 20.6%, because of: 1) high input cost, 2) forex fluctuations and 3) new capacity ramp-up. EBITDA stood at INR740m v/s our estimate of INR837m. PAT declined 10% YoY to INR350m due to lower margins and associate income (est. of INR433m). US business - Methergene approval will be key: GRAN plans to file ~20 ANDAs in the US until FY19. Of these, ~50% complex ANDAs will be filed from its US-based Virginia facility and the rest from its India facility in Gagilapur. It has already filed two complex generic ANDAs, including Methergene (LPC is the innovator; market size: ~USD50-60m). GRAN is the only generic filer, and an approval is expected over the next few months.