Granules (GIL) posted revenues of INR 7040mn with11.4% YoY increase, which was 5% below our estimate of INR 6,337mn. Revenue growth was mainly driven by Formulation (FD) (23% YoY growth) segment, led by new product launches and better pricing in existing products in the regulated market. EBITDA margin expanded by 524bps to 23.2% level was 388bps higher than our estimate due to 755 bps improvement in gross margin led by improved product mix. During the quarter the company charged one time exceptional item of INR 320mn provided for impairment in Biocause. Adj. to exceptional item, PAT came above our estimate at INR961mn (est INR798mn) driven by the operationally superior performance. R&D; spend was at 3.2% during Q3FY20, 101bps higher than last year same quarter. GIL's board approved buy back of 12.5mn (4.92% of equity capital) shares at INR200 per...