Beat on revenue; EBITDA/PAT in-line: Revenue increased 25% YoY to INR7.5b (our estimate: INR7.1b) in 1QFY20. EBITDA grew 28% YoY to INR1.5b (our estimate: INR1.4b), with the margin expanding 60bp YoY to 20.1% (our estimate: 19.9%). Adj. PAT was up 23% YoY to INR1b (in-line). Product mix change dents gross margin: CSM revenue grew 59% YoY, led by increased requirement for commercialized molecules and addition of a new molecule (was commercialized during the quarter). Domestic revenue declined 13% YoY owing to erratic/delayed advent of the south-west...