14 November 2018 Glenmark (GNP) reported revenues at INR25.4b (v/s est. of INR25.1b), up ~14% YoY, led by growth across geographies. Gross margin contracted by ~90bp YoY (+100bp QoQ) to 65.3%. EBITDA margin contracted at a lower rate of 30bp YoY to 15.7%, as decline in gross margin and higher other expense (+60bp YoY) was largely offset by lower employee expense (down ~120bp, as % of sales). Reported PAT increased ~93% YoY to INR4.1b, mainly due to forex gains (INR1.3b) and income from sale of its Ortho business (INR3.5b). The impact was partially offset by de-prioritization of certain intangible assets resulting in exceptional expense of INR1.8b. Adjusted for this, PAT declined marginally by ~4% YoY to INR2.