Sanofi's (SANL) 4QCY17 revenue increased ~ 13% YoY to INR6.7b (~2.8%miss). Revenue growth adjusted for GST was 14%. EBITDA rose 25% YoY toINR1.3b (8.8% miss), with the margin expanding ~190bp YoY to 20%. SANL incurred one-time expense of INR162m for abundant precaution (related to legal case), adjusting for which margin would have been 22.5%. PAT increased 50% YoY to INR760m, led by healthy revenue growth and margin improvement. For CY17, sales, EBITDA and PAT stood at INR24.9b (+5.5%YoY), INR5.4b (+1.7% YoY) and INR3.3b (+9.8% YoY), respectively.