Maintain BUY with a TP of Rs 1,090 (18x Dec-19E+ Rs 100/sh for Solara + Rs 30/sh for biopharma). After hiving off/divesting two businesses, API and India branded, Strides Shasun (STR) reported its 3QFY18 results focusing on the continuing businesses in the US, Australia and Africa (including Institutional business). The top-line grew ~3% YoY to Rs 7.5bn, EBITDA margin came in at 16.4% and reported PAT was Rs 852mn. The spend on consumer healthcare franchise in the US of Rs 120mn, steep decline in the institutional segment due to postponed orders in anti-malaria, top-line remained muted while margins shrunk 300bps YoY.