Cadila's (CDH) Q1FY19 results were mixed, sales were below by 3.4% while APAT was 9.8% above our expectations. We believe the miss at the margins were purely due to the erosion at gLialda and less off-take of Tamiflu. Sales grew by 29.6% YoY backed by strong growth in US formulations, India and LATAM regions. EBITDA margins were at 18.8% vs our estimates of 22% due to the sales mix. We expect domestic growth to be ahead of industry at 14-15%, while continuous launches in the US business to support growth. CDH plans to acquire 51% stake in Dehradunbased Windlas Healthcare Private Limited (WHPL) which will help ramp up the operations and increase our...