Maintain NEUTRAL with a revised TP of Rs 605 (20x Dec-19E EPS). Alembic Pharmas (ALPM) top-line grew ~9% YoY in 3QFY18, boosted by a better than expected performance in the US and strong growth in the API business. The US business recorded a YoY growth of 8-10% in $ terms, vs our expectation of flat revenues. The domestic business was up 14% YoY, in-line with estimates. The EBITDA margin surprised positively at ~22.3%, up ~350bps YoY and flat QoQ. However, this was largely on account of lower R&D; spend, which may not be sustainable.