29% YoY to INR2b, driven by sales ramp-up in a few molecules and favorable FX. Domestic business outperformed industry in the key therapeutic areas, with growth of 11% YoY to INR15b (34% of sales). South African Global Access (SAGA) business, however, was flat YoY at INR8b. Limited-competition products drive profitability: Gross margin (GM) improved ~330bp YoY to 65.2%. EBITDA margin expanded at an even higher pace of ~680bp YoY to 21.8% due to a superior product mix and lower opex. Absolute EBITDA increased ~73% YoY to INR9.7b (our estimate: INR7.2b). R&D; spend was at 7% of...