We continue to maintain BUY with reduced TP of Rs 115 (12x FY20E). Driven by fresh capacities in API/PFI and resumption of OTC product supplies for the US partner, revenues grew 42%YoY to Rs 5.0bn in 4QFY18. However, steep price increase in key raw materials (ex. Acetic acetate), unfavorable geographic mix and inventory write off led to sharp fall in EBITDA margin from 18% in 3QFY18 to 8.7% in 4QFY18. As a result, reported PAT was at Rs 204mn, down 55%YoY.