Glaxo's Q1FY19 results were in-line on all fronts with Sales/EBITDA/R.PAT marginally lower than our estimates by 3.1%/2.6%/4.9%, respectively. Sales grew by 21.2% YoY to Rs7.4bn(est. of Rs7.5bn) driven by higher volumes. EBITDA margins were at 19.1% (est. of 19%) down QoQ from 20.7% given lower gross margins and increased OE. APAT was...