Torrent Pharma(Torrent) Q1FY19 results were a mix, topline 4.6% above our estimates while PAT was 5.2% lower. Sales grew by 37.4% YoY to Rs18.7bn(est. of Rs17.9bn) driven by beat numbers across all regions especially India. EBITDA margins were at 25.5% (est. of 23.7%) up QoQ from 21.1% given better sales mix with ~70% contributed by chronic and sub-chronic portfolio. Unichem portfolio has started contributing better than our expectations. PAT was down 19.3% YoY, 5.2% below our estimates at...