Maintain NEUTRAL rating, with a revised TP of Rs 1,100 (22x Dec-19E). 3QFY18 was Divis Labs (DIVI) first quarter post the lifting of the import alert on Unit II, and the recovery began well. The top-line came in at Rs 10.4bn, (in-line with estimates), up ~8%/17% YoY/QoQ. Strong growth in the CMS (+10% YoY) and nutraceuticals businesses (+23% YoY) boosted the top-line.