US beat drives in-line Q4; guidance less impressive Q4FY19 EBITDA of Rs 8.9bn has multiple moving parts: (1) US$ 60mn-65mn bump up in US business, (2) one-time sales impact of Rs 11bn from AML transition in India business, and (3) Rs 500mn forex loss. Adjusted for these, EBITDA is in line. FY20 sales growth guidance in low double-digits to midteens, near-term margin pressure with rising specialty spends, and continued price pressure in US generics can trigger consensus EPS downgrades. We further...