Maintain NEUTRAL rating with a TP of Rs 630 (20x Sep-19E). Ciplas overall performance was in-line with expectations in 2QFY18, as the company reaped the benefits of post-GST channel re-stocking. The top-line came in at Rs 40.8bn, ~9% up YoY. This was boosted by the domestic business, which grew 12% YoY (both in-line with estimates). EBITDA was Rs 8bn, up 18% YoY. The margin was 19.7%, up ~160bps YoY, driven by operating leverage and a favourable business mix. PAT was up 19% YoY at Rs 4.2bn.