Maintain BUY with a revised TP of Rs. 1,565 (22x Sep19E). Lupins (LPC) performance in 2QFY18 was decent, and largely in-line with our estimates. The top-line declined 8% YoY, on a high base that included sales of gGlumetza and gFortamet with limited competition. However, there was sequential growth of ~2%, driven by a robust performance in the India business (up 16% YoY/24% QoQ).