Maintain BUY with a TP of Rs 1,200 (18x Sep19E + Rs 100/sh for Solara + Rs 30/sh for biopharma). Strides Shasuns (STR) 2QFY18 performance was an improvement over 1QFY18. However, the YoY performance remained subdued. Total revenues grew ~14% YoY to ~Rs 10bn. Sequential growth was higher at ~18%. This was driven by a ~21% QoQ jump in regulatory market sales. EBITDA came in at ~Rs 1.3bn (-15% YoY), and the margin was 13.2%, down ~450bps YoY. Although there was a sequential improvement, it was lower than expectations. PAT came in at Rs 215mn, down ~75% YoY, leaving a long way to go to achieve our FY18 estimate of ~Rs 3.1bn.