Maintain NEUTRAL with a TP of Rs 2,130 (16x FY20E + 10x on non-core earnings). Dr. Reddys Labs (DRRD) reported muted numbers in 4QFY18. Top line remained flat YoY/down 7%QoQ at Rs 35.3bn, largely affected by lower US revenues. EBITDA declined 6%YoY to Rs 5.5bn with 15.6% margin. Sustained price erosion in the US and higher contribution of PSAI revenues were the primary reasons for subpar profitability. Reported PAT came in at Rs 3bn, down 3%YoY (in line).