Maintain NEUTRAL with a revised TP of Rs 535 (18x FY20E EPS). Alembic Pharmas (ALPM) revenue grew 16%YoY to Rs 8.5bn, led by one off payment from the US marketing partner to the tune of US$ 5-6mn and higher volumes in rest of the US portfolio in 4QFY18. Although EBITDA grew 29% YoY to Rs 1.7bn, it declined 8% QoQ, largely driven by lower gross margin and higher R&D; spend (14% of sales). Reported PAT remained flat YoY at Rs 938mn with relatively higher tax rate in 4QFY18.