Maintain NEUTRAL with a TP of Rs 2,340 (18x FY20E + 10x on non-core earnings) Dr. Reddys Labs (DRRD) 1QFY19 result was better with revenue at Rs 37.2bn, up 12.2%YoY and 5.3% QoQ. The low base of 1QFY18 inflates the YoY growth whereas QoQ comparison provides a better picture of the results. EBITDA increased 37.5%QoQ to Rs 7.6bn with margin at 20.4%. This is largely due to the higher than estimated sales of gSuboxone