Granules (GIL) earnings came above our estimate mainly led by higher profits from JV's . The company posted revenues of INR 6,133mn with 21.7% YoY increase which was slightly below our estimate of INR 6,355mn. Revenue growth was mainly driven by the Formulation (FD) (58.9% YoY growth) segments, led by gMethergine along with new product launches and better pricing in existing products like Ibuprofen. Despite higher contribution from FD (47% vs 36% in Q4FY18) EBITDA margin contracted to15.9% level, was 136bps lower than our estimate due expensing out R&D; cost and higher provision for non moving inventories. Adj. PAT came above our estimate at INR640mn (est INR571mn) supported by higher profits from the JVs (INR 190mn vs INR 32mn( YoY) vs INR 21mn (QoQ) due to cyclical nature of the business. Tax expense for the quarter stands at 30.9% compared to 35.6% same quarter last year....