Strong Traction in US Biz to Continue; Maintain BUY Led by strong growth in US business, Cadila Healthcare (CDH) has delivered a better-thanexpected performance in 4QFY18 with its revenue growing by 31.8% YoY to Rs32.5bn. Its EBITDA grew by 87.4% to Rs8.7bn, while EBITDA margin expanded by ~795bps YoY to 26.8% due to better product-mix (gross margin up 409bps YoY) and 340bps YoY decline in R&D; cost to 5.6%. Despite higher depreciation/interest/tax cost and lower other income, PAT grew by 56.8% YoY to Rs6.1bn led by strong sales and operating performance. While its US business grew by 66.7% YoY to Rs16.4bn on the back of higher sales of gLialda and gTamiflu, India business witnessed a moderate 5.2% YoY growth led by weak growth in CVS and diabetes segment. Expecting...