Revenues in line, margins outperform: Divis Lab's net revenues increased by 1.9% YoY to Rs 10.8 bn, marginallylower than our estimates of Rs 10.9 bn for the quarter. The operating marginswere at 35.5% in Q4FY18 (higher than our estimate of 33.9%) as against 34%in Q4FY17 on account of lower raw material cost and other expenses.