Maintain BUY with a TP of Rs 1,450 (20x Jun-19E). Despite a 9% decline in the India business, sequentially flat sales in the US and strong rupee appreciation during the last quarter, Torrent Pharma (TRP) reported 100bps QoQ improvement in EBITDA margin (21.6%) and 500bps higher gross margin, leading to a PAT of Rs 1.8bn (57% beat on our earnings estimates). Management has attributed this to the improved product mix in the US and Brazil markets, and price hikes in the India business.