Lupin's revenues increased 41% YoY to Rs 44.4 bn in Q1FY17 in line with our estimates of Rs 44.1 bn on back of better performance in US, Kyowa APAC, LATAM and ROW business. Operating margins increased by 354bps YoY to 29.4% (higher than our estimate of 29.1%) aided by operating income of Rs 1.3 bn. Net Profit grew by 55.1% YoY to Rs 8820 mn as against our estimates of Rs 7227 mn.