Alkem's net sales for 1QFY17 stood at INR14.6b, up 21% YoY (beat of 3.5%), driven by a strong domestic performance (up 22% YoY) and steady growth in US (up 12% YoY). Despite regulatory headwinds in domestic markets and increase in R&D; to ~5.4% (up 180bps YoY), EBITDA margin was at record high levels at 18.6% (up 150 bps YoY & ~300bps above our est). Strong margin performance was driven by robust growth in India (most profitable division for the company). PAT came at INR2.4b (up 19% YoY) and was positively impacted by lower tax rate at ~9% in 1Q....