Aurobindo Pharma Limited's (Aurobindo's) results for Q4FY2020 were better than estimates. Sales grew in double digits, by 16.4% to Rs. 6,158 crore because of sturdy 23% y-o-y growth in the formulations business. Double-digit growth across all regions drove the formulations segment's revenues. The API segment reported a drop of 17.6% y-o-y. Operating margins at 21.8% expanded by 180 bps y-o-y led by a sharp expansion in gross margins, attributable to favorable mix and benefits of low costs raw material inventory. Operating profit, at Rs. 1,342 crore grew by 26.6% y-o-y. Adjusting for one-offs, PAT stood at Rs 882 crore, rising 41% y-o-y...