Q1FY2020 saw Cipla report strong operational numbers. Sales growth remained tepid at 1.3% y-o-y to Rs. 3,989 crore (below our estimates). Operating profit grew by a strong 24.5% y-o-y to Rs. 904.6 crore. OPM improved by 424 bps y-o-y to 22.7% (vs. our expectation of 21.5%). Adjusted profit for the quarter reported a strong growth of 21% y-o-y to Rs 470 .7 crore. During the quarter, US business witnessed a whopping 67% y-o-y jump on account of limited competition product gSensipar (which shall normalise from Q2FY2020 due to increased competition)....