grew ~22% YoY to INR52.7b (v/s our est. of INR47.6b), largely led by the US (~46% of sales) and API segment (~17% of sales). The US sales were up ~22% YoY, while API segment sales were up ~20% YoY. Other geographies also 8 February 2019 reported healthy growth. Gross margin (GM) contracted 340bp YoY to 55% (-200bp QoQ), partly due to one-time provision for penalty on supply failure of some products in the US market, and change in product mix. EBITDA margin also contracted ~300bp YoY (-100bp QoQ) to 20.6%. R&D; spend was higher by ~120bp YoY to 4.8% (as % of sales), partially offset by lower other expense (down ~150bp YoY). Forex gain stood at INR51m v/s INR7.3m YoY. Adjusting for forex gain and acquisition related exceptional expense, PAT increased by ~5% YoY to INR6.9b (v/s our est.