28 July 2018 ALPMs 1QFY19 revenue increased significantly by ~33% YoY to INR8.6b (in-line), primarily driven by the non-US international and domestic businesses. Gross margin shrank 154bp YoY due to a change in product mix. However, EBITDA margin improved ~190bp YoY to 17.5% (est. of 20.9%), led by a decline in employee expense by ~530bp (as % of sales). This, however, was somewhat offset by higher other expense (+190bp). EBITDA grew ~49% YoY to INR1.5b (est. Higher depreciation and tax rate led to PAT growth of ~36% YoY to INR905m (below est.