Total Revenues of Dishman Pharma increased by 10.4% YoY to Rs 4,005 mn, below our estimate of Rs 4,183 mn on back of better performance in CRAMS-India, CRAMS-Carbogen Amics, Vitamin-D and Others. Operating margins have been higher at 26.1% (higher than our estimate of 21.6%) as compared to 20.8% in Q1FY15 on account of lower raw material cost.