4 June 2020 Despite slowdown in ANDA approvals due to regulatory hurdles, ARBP delivered better-than-expected earnings on increased market share in existing products. With the VAI classification at Unit-4 and an increasing number of filings from sites under successful compliance, we expect the pace of launches to improve in the US market going forward. Turnaround in Apotex and continuous effort to better margins in the EU business would further boost overall profitability. The API business (12% of sales) was down 17.6% YoY, which dragged down overall growth to some extent. higher other expenses / employee cost (+240bp YoY /+50bp YoY as a percentage of sales), offset by lower R&D; spend (-50bp YoY as a percentage ARBP saw forex loss of INR260m and exceptional cost of INR120m related to 29.7% on revenue growth, better operating margins, and a lower tax rate.