Maintain BUY with a TP of Rs 850 (SOTP EV/EBITDA 10.5x for pharma + 4.5x for LSI). Adjusted for one month of inorganic sales (Triad), Jubilant Life Sciences (JUBILANT) top-line grew 11% YoY (vs 18.5% optically). As expected, margins contracted sharply. The gross margin came in at 63% (down ~400bps YoY), and the EBITDA margin at 18.6% (down ~600bps YoY), primarily owing to the integration of the low-margin Triad business. Adjusted for one-off acquisition costs (Rs 190mn) and the Triad integration, the EBITDA margin was still down ~350bps YoY. This was owing to the business mix (higher contribution from LSI segment) and negative operating leverage due to deferment of certain API sales. PAT was ~Rs 1.3bn, down 11% YoY.