14 November 2018 Shilpa Medicares (SLPA) revenue declined sales; down 38% YoY to INR310m) and Onco API (31% of sales; down 38% YoY to INR510m) segments. However, higher sales in US formulations (22% of sales; up 44% YoY to INR360m) and Non-Oncology API (22% of sales; up 14% YoY to INR363m) provided some comfort. expanded by 1,355bp YoY, led by increased sales of higher-margin products. margin contracting 470bp YoY to 23.1% (in-line) due to increased employee cost (27.3% of sales v/s 17.4% in 2QFY18) and other expenses (21.7% v/s 13.4% in 2QFY18). The increase in these cost components can be attributed to higher operating cost related to the formulation business. SLPA had extraordinary income of INR261m on account of sale of stake in JV. Adj. PAT EBITDA and PAT stood at INR3.6b (-3.2% YoY), INR923m (flat YoY) and INR554m (-2.