Maintain BUY with a revised TP of Rs 540 (24x on Sep-19E). Cadila (CDH) capitalised on strong tailwinds (sales of gLialda under exclusivity and channel-restocking in the domestic business), delivering stellar numbers in 2QFY18. The top-line came in at Rs 32.3bn, up 37% YoY and slightly ahead of estimates. EBITDA was Rs 8.6bn, up 66% YoY. The margin was 26.5%, up ~460bps YoY and ~190bps ahead of estimates, driven by sales of gLialda and operating leverage. PAT was Rs 5bn, up 49% YoY, slightly below estimates owing to a higher-than-anticipated tax outgo (~30%).