Margins decline on lower domestic revenues and Androgel Ag: Cadila's revenues increased by 9.8% on a YoY basis to Rs 35.8 bn (our estimate ofRs 35.4 bn) during the quarter. Operating margins increased to 23.5% (lower than our estimates of 25.4%) compared to 26.3% in Q3FY19 due to lower gross margins, higher staff cost and R & D expenses.