Maintain BUY with a revised TP of Rs 505 (24x on Dec-19E EPS). Cadila (CDH) followed up its strong 2QFY18 numbers with another superlative performance in 3QFY18. The top-line came in at Rs 32.6bn, up 41% YoY and ~10% ahead of estimates. This was largely driven by sales of gLialda under exclusivity and gTamiflu under limited competition. EBITDA was Rs 8.4bn, up 108% YoY. The margin was 25.8%, up 831bps YoY and ~120bps ahead of estimates, driven by operating leverage and sales of limited competition products in the US. PAT was Rs 5.4bn, up ~68% YoY, also ~10% above estimates.