Maintain BUY rating, with a revised TP of Rs 805 (16x Dec-19E). Aurobindo Pharma (ARBP) delivered a top-line of 43.3bn in 3QFY18, up 11% YoY and in-line with estimates. The US business delivered 9% growth YoY, and the European and RoW markets continued their momentum, recording 36% growth YoY. The EBITDA margin was up 74bps at 23.7%, primarily driven by a business mix led gross margin improvement. PAT came in at Rs 5.95bn up 3% YoY, impacted by a Rs 664mn charge on the deferred tax assets after the changing tax laws in the US.