Q3 results were a mixed bag. While operational performance was below Idirect estimates amid lower than expected International (mainly US) and API sales, net profit was higher due to higher-than-expected profit contribution from Rhizen Phama (one-off). Revenues grew 8.7% YoY to | 1314 crore led by strong growth in domestic, ROW formulations and API segment. US sales growth remained muted (down 0.6% YoY) at | 512 crore due to competition in Sartans. Domestic formulations grew 13.6% YoY to | 418 crore. EBITDA margins expanded 89 bps YoY to 27.8% due to better gross margins and lower R&D; cost. Subsequently, EBITDA grew 12.3% YoY to |...