Lupins revenues increased 32% YoY to Rs 42.1 bn in Q2FY17 marginally lower than our estimates of Rs 43 bn on back of better performance in US, Kyowa APAC, LATAM and ROW business. Operating margins increased by 406bps YoY to 23.9% (lower than our estimate of 26%) due to higher R & D and forex loss. Net Profit grew by 58% YoY to Rs 6622 mn in line with our estimates of Rs 6671 mn.