We maintain our Buy rating on Aurobindo Pharma (APL) and revise TP to Rs1,070 (earlier Rs1,170) based on 18x March'20E EPS of Rs59.3. The company's Q4FY18 revenues and net profit were in-line with our expectations. However, EBIDTA margin was below expectation. APL's sales grew 11% YoY, margin improved 10bps to 19.9%, and net profit declined by 1% YoY. APL's two manufacturing units IV and XII have been cleared and received EIR from US FDA. Its specialised segments such as injectables, penam, microspheres, hormones, oncology, vaccines, neutraceutical, depot injections and peptides would improve margins...