Lupin's revenues increased by 5.2% YoY to Rs 31.8 bn in Q3FY15 lower than our estimates of Rs 34.3 bn. Operating margins improved to 27.8% (higher than our estimate of 26.4%) due to lower raw material cost and R&D. Net Profit grew by 26.3% YoY to Rs 6015 mn, much higher than our estimates of Rs5646 mn due to forex gain of Rs 638 mn included in other income. Net forex gain remains at Rs 169 mn.