Alembic Pharma's (ALPM) 1Q results were broadly in line with our estimates. Sales grew 25% YoY to INR7.3b, ~3.5% above our estimate primarily due to strong growth in international business partially offset by muted growth in domestic business. EBITDA margin was 21.4% against our estimate of 20.7% due to lower than expected R&D; cost of 11% (our estimate was ~13%), partially offset by higher operating expense. International business shines; domestic business impacted by regulatory actions: International business grew >70% YoY and >60% QoQ due to increase...