GSK Pharma's (GLXO) 1QFY17 sales increased 10% YoY to INR6.9b (3% below estimate), while EBITDA declined 32% YoY to INR702m (26% below estimate) and PAT fell 23% YoY to INR723m (29% miss). Reported PAT included exceptional income of INR18m related to the sale of land at Mulund. Capacity constrains at Nasik facility, unavailability of quality third suppliers and policy actions have been the key issues for GSK over the past few quarters. Deal with Novartis boosts sales growth: Total sales growth of ~10% YoY includes ~4% growth from the vaccines asset sale agreement with Novartis...