Torrent Pharma:Hold,Gross margin surprise in 1QFY18

Strong gross margins (GM) in 1QFY18 led to overall beat atEBITDA margin and PAT level

    GMs are up 500bps qoq despite weak India quarter; Brazilalso lower than expectation; US beat marginal.

    Dahej expansion has margin levers but we remain watchful.

    Maintain Hold with revised TP of INR1,68 (from INR1,31)