Q2FY19 numbers were substantially lower than I-direct estimates on all fronts. Revenues de-grew 17.3% YoY to | 235.6 crore (I-direct estimate: | 262.9 crore). Domestic formulations declined 15.5% to | 159 crore (I-direct estimate: | 169.4 crore) led by the high base of restocking post GST implementation. Export business declined 28.9% to | 52.8 crore (I-direct estimate: | 70.2 crore) EBITDA margins were at 5% against 14.5% in Q2FY18 (I-direct estimate of 14.5%) due to negative operational leverage. EBITDA...