There are no issues outstanding for any regulatory agency other than USFDA. Though Global Fund has completed the process of selection for supplying anti-malaria medicines, it is yet to award orders. However, ex-Global Fund, stable business continues. IPCA has guided revenue of INR2b in FY19, up from INR1.5b in FY18 on the back of addition of molecules and incremental business from Global Fund. IPCA is awaiting resolution of regulatory issues of UK distributor to restore normalcy in that business. It has guided that it would take 2-3 months for pick-up in UK business (~7% of FY18 sales). DF remains on track to achieve 13-14% growth in FY19 on low base of FY18, incremental sales from new molecules and higher traction in existing molecules. We raise our target P/E multiple to 21x (from 20x earlier) on back of enhanced visibility of regulatory resolution based on remediation work done by the company, revival in DF and anti-malaria business.