Re-iterate BUY with a revised TP of Rs 1,060 (SOTP FY20E EV/EBITDA 11x for pharma + 4.5x for LSI). Unlike in 3QFY18, when only LSI segment led the top line growth, 4QFY18 performance of 41%YoY growth was fueled by both the key segments (Pharma: 53%YoY, LSI: 24%YoY). Adjusted for Triad, the top-line grew ~21%YoY. EBITDA came in at ~Rs 4.6bn, 15% ahead of expectations. The margins improved 125bps YoY to 20.3%. Favorable pricing in LSI and better traction in key specialty pharma segments were the primary reasons for improved profitability. PAT was at ~Rs 1.5bn, flat YoY, affected by one time R&D; asset write off of Rs 910mn. Adjusted for this, PAT was up 62%YoY at Rs 2.4bn.