While we continue to maintain our NEUTRAL stance, we note that a positive outcome in the ongoing inspection at Halol would likely lead to a re-rating and run-up in the stock price. Our TP is Rs 550 (20x Dec-19E + Rs 40/sh). Exacerbated by a poor performance at Taro (revenue of US$ 156mn vs US$ 220mn YoY, EBITDA margin of ~40% vs ~59% YoY), Sun Pharma (SUNP) reported subdued numbers in 3QFY18. The top-line came in at Rs 66.5bn, down 16% YoY. While YoY numbers are not comparable due to significant contribution of sales of gGleevec under limited competition, revenuess were flat QoQ, ~5% below estimates.