DRL's revenues rose 11.2% YoY to Rs38.7 bn (in line with our estimates of Rs38.1 bn) due to better performance of Europe, US, India in global Generics and Europe in PSAI segment. Gross margins decreased by 240bps YoY to 54.8% in Q4FY15 (lower than our estimates of 58%) on account unfavorable currency impact.