Cipla reported mere 2% YoY growth in revenue in Q3FY19 as strong 31% YoY growth in North America business (contributing 21% to revenue) was offset by weak India revenue (down 1% YoY), which contributes ~40% of Cipla's revenue. Further, revenue from Cipla SAGA (South Africa, Sub-Saharan Africa and Cipla Global Access) business which is largely tender based, declined by 11% YoY in Q3FY19 impacted by certain one-time low-margin sales both for South Africa and CGA tender business, leading to inventory liquidation. However, South Africa private market continued its strong trajectory growing at 4x the market at 9.1%. Revenue from Europe business grew by 11% YoY in Q3FY19 on the back of expansion in respiratory franchise. Decline in India revenue was primarily due to high base last year on account of...