Q1FY20 from its average contribution of 25%. This has resulted in higher material costs and lower gross margin by 360bps QoQ. Management guided that normalized gross margin will return from Q2FY20E onwards. The higher material costs also contributed from the higher price of material by 100bps out of 360bps in Q1FY20. IPCA is global leader in losartan production (Rs1.2bn sales in FY19) and its valsartan sales is improving from current run rate of Rs25m/month. It guided more than 20% growth in API sales in FY20E....