2 August 2018 low base, (b) addition of the Unichem portfolio in the domestic formulation (DF) business, (c) volume-driven growth in the US and (d) new launches in Germany. However, EBITDA margin expanded 390bp YoY to rationalization. EBITDA grew 60% YoY to INR4.8b. However, increased depreciation and interest cost led to a PAT decline of 13.3% YoY to INR1.6b. DF segment (44% of sales) grew 79% YoY in 1QFY19. Ex-Unichem and adjusting for GST-led disruption in 1QFY18, DF growth was at 9.1% YoY. US business (18% of sales) grew 23% YoY, led by volume growth, addition of the bio-pharma business and INR depreciation. Germany business (13% of sales) grew 32% YoY, led by new launches and better traction in existing molecules. Brazil business (-7% YoY) dragged revenue growth due to temporary stoppage of sales of one brand and intensifying competition in some brands.