Lupin's revenues decreased marginally by 0.8% YoY to Rs 30.8 bn in Q4FY15 lower than our estimates of Rs32.7 bn. Operating margins declined by 210bps to 25.6% (lower than our estimate of 27.2%) due to lower revenues, higher R&D and staff cost. Net Profit de-grew by 1.1% YoY to Rs 5470 mn as against our estimates of Rs 5566. Net forex loss was at Rs 367 mn during the quarter.