Lower than expected R&D costs (12.9% of sales vs. 14% expected) led to a surprise beat in margins (27.1%) in 3QFY17. Boosted by this, earnings grew ~20%YoY to Rs 6.3bn, despite higher taxes during this quarter. Revenue performance continued to be strong and in line with estimates, growing at ~26% to Rs ~45bn. US sales grew ~58% YoY, and notably, ~9% sequentially on a high base.