1 May 2019 Revenue declined 3% YoY to INR5.1b (in-line) in 4QFY19, largely on account of the weakness in (a) institutional anti-malaria (-26% YoY; 9% of sales) and (b) Africa branded generic (-31% YoY; 15% of sales) businesses. However, the impact was partly mitigated by the ramp-up in US sales (+79% YoY; 15% of sales) and steady growth in the India business (+8% YoY; 30% of sales)/Asia (+9% YoY; 28% of sales). EBITDA margin, too, contracted 164bp YoY to 24.7% (our v/s 19.8% in the year-ago period) and RM cost. Other expenses, however, declined to 34% of sales (36.2% in 4QFY18), providing some comfort to the FY19, sales/EBITDA/PAT declined 4%/14%/17% YoY to INR20.5b/INR5.6b/INR3.8b. In FY19, AJP filed 13 and received 12 ANDA approvals (including two tentative approvals). The company has commercialized 25 ANDAs till date.