We have reduced our EPS estimates by 26%/11%/11% for FY18E/19E/20E to factor 1) increased RM prices in CRAMS and 2) deferment of US business due to inspection related hurdle and equipment related issue. Accordingly, we have revised our price target to INR749 (from INR797 earlier) by valuing at 25x 12m forward earnings.Though Q3FY18 results were weak, we remain positive as SLPA has robust ANDA pipeline for US market, which is the key growth driver, subject to approval. Maintain Buy on potential upside of 47% from current levels