Sanofi's total revenues increased by 8.7 % YoY to Rs 5.5 bn in Q2CY15 lower than our estimates of Rs 5.8 bn. Operating margins were a major surprise as it moved up from 19.4 % to 22.1% (higher than our estimate of 19.1%). Savings in overheads and employee expenses were the key margin contributors. Net Profit grew by 11.7% YoY to Rs 642 mn as against our estimates of Rs 420 mn.