3 May 2019 increased 13.4% YoY to INR6.3b (v/s our est. of INR5.6b), led by (i) strong growth in Onco APIs (11% of sales; +91% YoY), (ii) other APIs (10% of sales; +40% YoY), and (iii) Synthesis (15% of sales; +74% YoY). Formulation sales came in at INR282m v/s INR14m in 4QFY18. Hep-C API sales increased to INR415m from INR197m in 3QFY19. However, growth was impacted by a reduction in base ARV-API business (50% of sales; -14% YoY). (GM) shrank 190bp YoY to 46% due to a change in the product mix. EBITDA margin contracted 320bp YoY to 17.6% owing to lower GM and higher other expenses (16.9% v/s 15.2% in 4QFY18). On QoQ basis, there has been 100bp/330bp improvement in GM/EBITDA margin. Adjusting for transfer of ANDA rights to Casi pharma in 3QFY19, PAT was down 4% YoY to INR432m (v/s our est.