Lupin (LPC) continued to deliver a weak operational performance in 4QFY18 with its revenue declining by 5% YoY to Rs40.3bn owing to 18.8% YoY decline in US business to US$224mn. However, domestic business grew by 9.8%, which adjusted for GST grew by 13.5% YoY, while APAC, EMEA and LatAm sales rose by 8.5% YoY, 16.6% YoY and 29.6% YoY, respectively. Notably, its Japan business grew by 7% YoY (in CC terms) impacted by price cut. Gross margin declined by 592bps to 66.2% due to adverse product-mix which led to contraction in EBITDA margin to ~17.6% (vs. 26.0% in 4QFY17). EBITDA declining by 36% YoY to Rs7.1bn due to higher operating cost and weak US sales. LPC incurred Rs7.8bn net loss due to write-off of Rs14.6bn relating to...