Maintain NEUTRAL rating, with a revised TP of Rs 1,150 (22x FY20E). 1QFY19 is a seasonally weak quarter for Divis Lab, but on a lower base of last year which was affected by import alert, the YoY expectations were higher. The top-line came in at Rs 10bn (in-line), up ~21%YoY (down 9% QoQ). Strong growth in the generics (+26% YoY) and nutraceuticals businesses (+61%YoY) boosted the top-line.