In Q3FY16, Torrent's revenues have grown by 31.8% YoY to Rs 15.4 bn (our estimates Rs 14.7 bn) on the back of better performance in US formulations market. Operating margins improved to 39.8% (higher than our estimates 35.7%) compared to 20.5% in Q3FY15 due to better gross margins, lower staff cost and overheads.