Cadila's revenues grew by 22% YoY to Rs 25 bn (our estimate of Rs 24.2 bn) during the quarter on the back of strong performance in US region. Operating margins improved to 24.8% compared to 18.3% in Q1FY15, higher than our estimates of 21.5% due to better gross margins, lower staff cost and higher other operating income. Net Profit at Rs 3,534 mn in Q1FY16 grew by 47.1% YoY as compared to our estimate of Rs 3,399 mn.