Revenues grew by 11%YoY: SIL's revenue grew 11%YoY to Rs6.70bn from Rs6.05bn due normalcy in the domestic market after GST implementation. The company's top 19 brands contributed ~73% to revenues. Nine of the 19 top brands surpassed the market growth rate of 7.8% in December'17. We expect these brands to drive the company's growth. SIL derives ~27% of its revenues from exports of APIs, formulations and insulin pens. Launch of new products and line extensions, volume growth of existing brands would drive future growth. EBIDTA margin improved by 200bps: SIL's EBIDTA margin improved by 200bps to...