Pricing pressure in the US market coupled with higher selling
and administrative costs led to a modest 0.3 per cent
improvement in operating margin which stood at 19.7 per cent for
the quarter.  However, the company posted 28 per cent revenue
growth (Rs 2541 crore) driven by strong performance in India and
Russia.  Despite the ramp up in sales of exclusive products such
as ziprasidone, clopidogrel, quietiapine IR, the US revenue grew
at a slow 10 per cent in dollar terms to Rs 792 crore.  This was
due to severe pricing pressure in the existing basket and
specific exclusive products, coupled with forex hedging loss on
receivables.  However, adjusting for the hedging loss, US
revenues grew 24 per cent.  With 4 products filed in the US last
quarter, 73 products are currently pending approval.  India
formulations grew at a healthy 19 per cent to Rs 348 crore,
driven by volume growth across key products, 10 product launches
and improved field force productivity.  Russia and CIS grew at
an impressive 38 per cent po