Re-iterate BUY with a revised TP of Rs 450 (12x FY20E EV/EBITDA). On the back of fall in market molecule revenues and capacity constrains at Switzerland entity, DCAL reported sequentially flat top line at Rs 4.5bn. It was down 16%YoY on a high base. EBITDA margin was steady at 26.8% (up 47bps YoY and down 63bps QoQ). This was primarily owing to an unfavorable business mix, which led to a decline in gross margin level (~164bps YoY). Employee cost was also higher at Rs 1.7bn, up 8% QoQ. PAT came in at Rs 511mn, 8% below estimates, but up ~20% YoY, aided by higher other income and relatively lower taxes.