Aurobindo Pharma's (ARBP) Sales, EBITDA & PAT stood at Rs37.3bn, Rs8.9bn & Rs5.8bn, respectively in 1QFY17. Revenue grew 13% yoy mainly due to US business (~45% of sales) rising by 14% yoy to US$255mn (vs. US$252mn in 4QFY16 & US$225mn in 1QFY16) led by new product launches (final approvals: FY16: 49; 1QFY17: 13). We expect acceleration in earnings and margins backed by new launches from residual approvals. Its injectable sales stood at US$34mn in 1QFY17 vs. US$36mn in 4QFY16. Its EU revenue (22% of sales) rose 12% yoy to Rs8.3bn. ARBP reported positive EBITDA margin for four quarters in a row...