Maintain BUY with a reduced TP of 1000 (22x FY20E). Lupins (LPC) performance in 1QFY19 was not up to the mark, and below our expectations, with revenue at Rs 38.6bn down 0.4%YoY and 4.4%QoQ (5.7% miss). The disappointment in result is majorly attributed to the US and Japan businesses. While all segments were down on a YoY basis, domestic growth of 23.6% is on a favourable base. Margin at 13.7% was down 620bps YoY/390bps QoQ primarily on the back of US$ 50mn sequential fall in the US business. PAT at Rs 2bn was down 43%YoY.