Adjusted for one-time costs, IPCA results were below estimates. Revenue came in at Rs8.6bn against our estimate of Rs8.5bn while EBITDA stood at Rs1.4bn against our estimate of Rs1.5bn. PAT came in at Rs655mn against our estimate of Rs883mn. The domestic malaria season has had a weak uptake till date and all hopes hinge on the monsoon picking up later in the season. In the exports business, the next key trigger will be the resumption of the institutional tender business. growth, including revival in domestic and institutional generics business and the expected reinspection of plants by USFDA over the course of FY19....