Downgrade the stock to Neutral with a revised TP of Rs 1,540 (22x FY20E EPS). Benefitted from a favourable base and the acquisition of Unichems India portfolio, TRPs 1QFY19 revenues grew 37%YoY to Rs 18.7bn and EBITDA was up 60%YoY to Rs 4.7bn with EBITDA margin at 25.5%, up 370bps YoY. Numbers were in line with our estimates, except lower other income which led to 13%YoY decline in PAT at Rs 1.6bn.