7 February 2019 Revenue declined 7% YoY (+7% QoQ) momentum in US business, where sales grew 46% YoY to INR365m (21% of sales). This, however, was offset by the subdued performance of CRAMS business, where sales declined by 48% YoY to INR260m (15% of sales), particularly due to the exit from CRAMS JV. Captive consumption led to a 13% YoY decline in onco API sales to INR610m (35% of sales). Gross margin expanded by ~1,111bp YoY to 62%, led by the increased share of formulation sales. However, EBITDA margin expanded by only 40bp YoY to 15.1% due to increased operating cost (employee expenses up 558bp YoY and other expenses up 507bp YoY). Thus, absolute EBITDA declined by 4% margin shrank 804bp YoY due to increased RM cost. Adjusting for the same, PAT was up 20% YoY at INR5.3b (-4.3%/INR1.2b (unchanged)/INR739m (+2% YoY).