Aurobindo Pharma Limited (Aurobindo) reported a strong set of numbers in Q1FY2020. Sales rose by a strong 28.1% y-o-y to Rs 5,444.6 crore (6% above our estimates), driven by strong growth in formulation business across geographies. Operating profit increased by 47.1% y-o-y to Rs. 1,146.4 crore (15.3% above our estimates). Gross margin improved by 270 bps y-o-y to 57.8%. OPM improved by 272 bps y-o-y to 21.1% (168 bps above our estimate of 19.4%). Adjusted PAT grew by 22.1% y-o-y to Rs. 638.9 crore (7.9% above our estimate)....