Q3FY17 PAT (up 67% YoY) was 21% higher than our estimate due to 2.5x increase in licensing income (directly flows to PBT). While EBITDA margin improved to 25.7% (up 401 bps YoY), margin (ex-licensing) improved slightly (up 93 bps YoY) to 19.5%. Much-awaited Insulin facility in Malaysia is commercial..