While India continue to lead growth (pre-buying in March aided growth, in-line), exports were a drag. Gross margin at 72.4% was a function of strong growth in India, leading to impressive EBITDA margin of 28.2% (our estimate: 25.4%). Though company remains confident of outperforming IPM growth, we remain wary of the exports (US 2 key facilities under WL and OAI, Brazil adverse currency and batch traceability regulations in Germany) given the weaker outlook....