Maintain NEUTRAL with a TP of Rs 560 (18x FY20E EPS). Alembic Pharma (ALPM) reported better numbers in their 1QFY19 result with revenue at Rs 8.6bn, up 34.6%YoY on account of a favourable low base. US revenues declined sequentially even after adjusting for one-off payment received in 4QFY18. Gross margin at 70.4% increased 130bpsQoQ due to a seasonally strong quarter.