Lupin's Q1FY18 results were disappointing, total revenues were down by 7.6% compared to our estimates at Rs38bn down 12.3% YoY while Adj. PAT was down by 59.5% at Rs3.66bn against our estimates of Rs4.8bn which was due to more-thanexpected pricing pressure in US. EBITDA margins were at 18.5% lower than our estimates of 20.5% however, management has further reduced their guidance to 21.-23% from earlier 26-28% for the FY18/19E on the back of pricing pressure in US. We feel it should range between 18-20% as for H1FY18 they have gMinestrin advantage. We have revised down our TP to Rs881 (earlier Rs1,272) and rating to REDUCE on...