Maintain BUY with a revised TP of Rs 1,020 (SOTP FY20E EV/EBITDA 11x for pharma + 5.5x for LSI). Jubilant Life Sciences (JUBILANT) top-line grew 42% YoY in 3QFY18, fueled by the continued traction in the LSI segment (up 40% YoY) and the addition of the Triad inorganic component. Adjusted for Triad, the top-line grew ~20%YoY. EBITDA came in at ~Rs 4.2bn, in-line with expectations. The margins contracted optically due to the dilutive Triad acquisition. The gross margin was ~62% (down ~450bps YoY), and the EBITDA margin 20.2% (down ~260bps YoY).