25 January 2019 BIOS reported strong revenues, up ~46% YoY to INR15.1b (est. INR14.1b), led by strong growth in Biologics (28% of sales) and Research Services business (30% of sales). Superior product mix led to ~610bp YoY rise in gross margin (GM). EBITDA margin expanded ~560bp YoY (+80bp QoQ) to 26.5% on back of higher gross margin and lower employee cost, down ~280bp (as % of sales). This impact was partially off-set by higher other expense, which was up ~330bp (as % of sales). Absolute EBITDA increased by ~85% YoY (+20% QoQ) to INR4.1b on revenue growth and margin expansion. EBIT margin for the Biologics segment stood at ~30% v/s (-3%) YoY and 25% QoQ. PAT more than doubled to INR2.2b, growing ~136% YoY on back of strong revenue growth, margin expansion, and lower tax rate at 16.7% v/s 25.2% in 3QFY18.