Cadila's revenues grew by 17% YoY to Rs21.6 bn during the quarter on the back of strong performance in US region. Operating margins improved to 20.4% compared to 15.8% in Q3FY14, higher than our estimates of 19.6%. Net Profit at Rs 2,819 mn grew by 51.7% YoY in Q3FY15 due to better gross margins and lower overheads.