We maintain our Hold rating on Sun Pharma (SPIL) and maintain our TP of Rs490 based on 26x March'19E EPS of Rs18.7. SPIL's Q2FY18 results were in-line with our expectations. The performance was impacted by the pricing pressure in the US and impact of GST in the domestic market. The drug maker's revenue declined 20% YoY, margins narrowed 1,760bps to 20.7%, and net profit fell 60%. SPIL is facing supply constraints at its Halol facility. The management has guided for a single digit decline in revenue and EBIDTA margin of 20-22% for H2FY18. Key upside risks to our assumption include higher revenues from the US market and...