Lending strong support from valuations (20x P/E on FY18 EPS, 19x FY19E and 13x FY20E) which is at significant discount to peers, we maintain BUY rating on the stock with a TP of Rs 1190 (20x FY20E). After taking Gavis acquisition related impairment of Rs 14bn, Lupin (LPC) reported loss of Rs 7.8bn in 4QFY18. Adjusted for Gavis write off, PAT stood at Rs 3.5bn, in line with our estimates. Revenues grew 5% ahead of estimates to Rs 40bn, down 6%YoY. EBITDA came in at Rs 6.9bn, down 11%YoY/up 2%QoQ. Margin was flat QoQ at 17.6% in 4QFY18.