Jubilant Life Sciences (JLS) revenue increased 38% YoY (Triad business not included in year-ago period numbers). Adjusting for the same, revenue was up 17% YoY, supported by 20% YoY growth in Life Science Ingredient (LSI; 39% of net sales) and 17% YoY growth in 22 October 2018 Pharmaceutical (44% of net sales, Ex-Triad) segment. For 1HFY19, sales/EBITDA/PAT were up 34%/37%/49% YoY to INR43.4b/8.8b/4.1b. Given the high base of past year, we expect sales/EBITDA/PAT growth to moderate to 5%/15%/20% YoY in 2HFY19. 19.8% came in below estimate of 21.6% in 2QFY19. Excluding Triad business, (a) up 1,800bp YoY in API/Generics (32% of Pharma sales), led by product rationalization, (b) up 600bp YoY to 40% in Specialty Pharma (58% of Pharma business) ex. Triad and (c) down 540bp YoY in LSI. JLSs net debt rose to INR34.3b, as against INR32b in 1QFY19.