TRPs sales grew ~25% YoY to INR17.2b (est. India business grew 48.4% YoY to INR6.9b (adj. for GST, growth was ~54%), including the acquisition of Unichem. EBITDA rose 23% YoY to INR3.6b (est. of INR4.1b), with the margin at 21.1% (-20bp YoY, - 310bp QoQ). The QoQ contraction in the margin is mainly due to one-time expense of INR500m, adjusted for which 30 May 2018 the margin stood at ~24%.