Lupin's Q1FY19 results were below our expectations. Continuing US pain resulted in flat topline but EBITDA fall of 36.8%YoY and APAT down 66%YoY to Rs1 bn. Sales de-grew by only 0.8% YoY desspite a YoY dip in US sales by 26% and ROW by 30.3%. It got cushioned by stronger sales growth in India, EMEA and API. Sales was down 0.8%YoY/5.1%QoQ to Rs37.7bn(8.9% below IDBIest.) and EBITDA margins were at 11.8% vs our estimates of 19.6%. We expect domestic growth to be ahead of industry at 14-15%, while the US business pain to persist....