Heavy promo spend cause sprain in earnings; Restructuring in progress Sales largely in-line led by ROW/API: Sales increased 12% YoY to INR25b (our estimate: INR25.5b), led by growth of 29% YoY (to INR4b) in ROW sales and 21% YoY (to INR2.5b) in API sales. India sales grew at a moderate rate of 9.7% YoY to INR7b, while US sales were up 10% YoY at INR7.7b, largely supported by FX tailwinds. Gross margin (GM) improved 80bp YoY to 65.9% due to a superior product mix. EBITDA margin expanded 80bp YoY to 13.9% (our estimate: 15.9%), led by higher GM and lower opex (adjusting for one-time expense of INR250m...