Granules (GIL) posted revenues of INR 5,953mn with 31.3% YoY increase, which was slightly below our estimate of INR 6,235mn. Revenue growth was mainly driven by the Formulation (FD) (57.6% YoY growth) segments, led by gMethergine along with new product launches and better pricing in existing products in the regulated market. FD revenue contribution stood at 48% vs 40% in Q1FY19. EBITDA margin expanded by 391bps to 19.9% level, was 323bps higher than our estimate due to 490 bps improvement in gross margin led by improved product mix and easing RM costs. Adj. PAT came above our estimate at INR832mn (est INR650mn) supported by higher profits from the JVs (INR...