Revenues grew 11.1% YoY to | 842 crore (I-direct estimate: | 813 crore) mainly due to ~22% YoY growth in export formulations to | 274.8 crore (I-direct estimate: | 253 crore). Domestic formulations grew 8.5% to | 345 crore (I-direct estimate: | 334 crore).EBITDA margins increased 442 bps YoY to 15.3%, (I-direct estimate: 13.1%) on account of an improvement in gross margins and lower other expenditure. EBITDA grew 56.4% to | 129 crore. Adjusted net profit grew 95% YoY to | 53 crore (I-direct estimate: | 52 crore) due to incremental EBITDA and lower depreciation. ICICI Securities Limited have ascribed a target price of | 605 (20x FY18E EPS of | 30.2). They upgrade to BUY as the stock has corrected ~40% from its peak.