Maintain BUY with a revised TP of Rs 590 (24x on June19E). With GST impeding sales in the domestic segment, Cadilas (CDH) 1Q performance was uninspiring. The top-line came down by 4% YoY, EBITDA margin shrunk ~1000bps YoY to 12.6% and earnings plummeted ~61% YoY to Rs 1.3bn. On the positive side, the US business held its ground and remained flat QoQ. Growth was 14%YoY.