Maintain BUY with a revised TP of Rs 1,660 (22x Dec-19E EPS). Torrent Pharma (TRP) reported good numbers in 3QFY18, with the top-line coming in at Rs 14.8bn, up 2% YoY. This was largely in-line with estimates, as the domestic business continues to drive growth (+17% YoY). The US business picked up slightly, growing 4% QoQ. EBITDA came in at Rs 3.6bn, up 14% YoY, a margin of 23.4%.