Strong growth in key markets; maintain Buy We maintain our Buy rating on Aurobindo Pharma (APL) and revise TP to Rs1,030 (earlier Rs970) based on 18x March'19E EPS of Rs57.1. The company's Q2FY18 results exceeded our and consensus expectations. APL's sales grew 18% YoY, margin improved 60bps to 25.2%, and net profit grew 29% YoY. Its specialised segments such as injectables, penam, microspheres, hormones, oncology, neutraceutical, depot injections and peptides would improve margins due to complexity in the manufacturing. APL has developed a robust pipeline of 463...