9 August 2018 Lupins (LPC) revenue was stable YoY at INR38.6b (est. Domestic formulation sales (31% of sales) grew 28% YoY, driving overall sales growth. However, this was largely offset by a 26% YoY decline in US sales (31% of sales). Pricing pressure in key products in the US market and seasonality led to 560bp YoY contraction in the gross margin to 63%. EBITDA margin shrank ~610bp YoY to 13.7% due to a lower gross margin and increased other expenditure. Absolute EBITDA declined ~31% YoY (-26% QoQ) to INR5.3b (est. The decline in PAT (-43% YoY to INR2b v/s est.