Maintain NEUTRAL with a TP of Rs 625 (20x Dec-19E). Ciplas top-line performance was as per estimates in 3QFY18, as the company benefitted from the launch budenoside and decitabine in the US market. The top-line came in at Rs 39.1bn, ~7% up YoY. This was also boosted by a strong performance in the India business (+14% YoY). EBITDA was Rs 8.2bn, up 21% YoY.