We continue to maintain BUY with a TP of Rs 120 (12x FY20E). Continued growth in API and Formulations coupled with the launch of gMethergine led to 20%YoY growth in revenue, coming up to Rs 4.5bn for 1QFY19. The absence of inventory write-off and one-off R&D; which were seen last quarter along with improved raw material pricing resulted into a 700bps QoQ jump in EBITDA margin to 16%. Other Income was up 52%QoQ largely driven by forex gain to the tune of Rs 110mn.