Source: Bloomberg, Centrum Research, *as on 8th June 2018 Recommendation and key risks: We have revised our FY19E and FY20E EPS downwards by 41% and 43% respectively. We downgrade MPL to Hold from Buy rating, with a TP of Rs31 based on 18x March'20E EPS of Rs1.7, and a 10.2%% upside from CMP. Key positive upsides would be additional ANDA approvals from US FDA...