Robust US and India formulations business boosts revenue Cadila reported 41% YoY increase in revenue led by growth in US and Indian formulation business. India formulation business recorded 15% YoY growth in revenue in Q3FY18 supported by new launches. The company launched 12 new products in India including line extensions in Q3FY18. Accounting for GST adjustments, like to like growth stood at ~19% YoY. Revenue from LatAm and Emerging market rose by 15% and 6% YoY, respectively while EU sales declined by 1% YoY. Animal Health segment grew by robust 18.3% YoY. We expect domestic business to register 11% CAGR over FY17-20E driven by new launches....