22 January 2019 Alembics 3QFY19 revenue shot up by ~21% YoY to INR10.2b (in line with est.), primarily led by the US business. Gross margin (GM) expanded by 260bp YoY due to superior product mix. EBITDA margin expanded by ~150bp YoY to 23.8%, primarily due to higher GM and lower R&D; expenses by ~70bp (as % of sales). This was partially off- set by higher employee expense by ~190bp (as % of sales). EBITDA grew by ~29% YoY to INR2.4b (v/s est. of INR2.2b), mainly led by healthy revenue growth and margin expansion. Interest expense stood at INR60m v/s INR8m YoY. PAT grew by ~30% YoY to INR1.7b (v/s est.