The Q1FY25 performance was slightly below estimates with Cipla’s sales/Gross Profits/EBITDA and PAT for Q1FY25 deviating by -3.2%/-1.6%/-3.2%/-2.3% from our estimates. It was due to weaker than expected performance in SAGA and API partially offset by marginally higher than estimated, US (+3.2%) and Emerging Markets (+3.8%).