Growth across all key markets; maintain Buy We maintain Buy rating on Lupin with TP to Rs930 (earlier Rs1,050) based on 23x March'20 EPS of Rs40.4. Lupin's Q4FY18 results were lower than our and consensus estimates due to pricing pressure in the US generic market. Lupin's revenue declined 5% YoY, margin declined 80bps to 17.6%, and net profit before EO item grew by 80%. The pricing pressure in the US has eased out due to discontinuation of several generic products by Teva and Sandoz. We believe the company's robust growth across key markets coupled with its strong pipeline of 163 pending ANDAs...