Alembic Pharma's (Alembic) Q1FY19 results were below our expectation. Though, Revenue were in-line with our estimates (driven by strong growth in India (up 40.1% YoY) and Non-US (up 78.7% YoY), EBITDA margin slipped from 20.3% in Q4FY18 to 17.5% in the Q1FY19 given the increased expenses. EBITDA at Rs1.5bn was up 48.8% YoY however, down 12.8% QoQ. PAT was at Rs905mn (up 35.6% YoY; 27.1% below our est). Given higher operating costs post commissioning of new facilities, we have revised...