28 May 2018 Net sales grew 3.8% YoY to INR2.3b (est. of INR2.1b) in 4QFY18, led by increased formulation sales. Gross margin shrank 500bp YoY to 54% due to increased RM prices in the CRAMS business. EBITDA margin, too, contracted 480bp YoY to 20.3% (est. This, along with higher depreciation and lower other income, led to a PAT decline of 23.5% YoY to INR304m (est. Sales were flat at INR7.9b, largely due to the transfer of the CRAMS business to a joint venture.