Cadila's (CDH) Q2FY19 results were below our expectations. Sales/EBITDA/PAT were at Rs28.4bn/Rs5.7bn/Rs4.2bnn respectively. EBITDA margins were at 20.1% Vs. our estimates of 23.9% due to 1) lower off-take of Tamiflu given 7 players, 2) shift of AG to own ANDA in gAsacol not picked up in margins as the refection of only 1 month and 3) overall 2% QoQ price erosion in the US business. We expect domestic growth to be...