Maintain BUY rating, with a revised TP of Rs 691 (16x FY20E). Aurobindo Pharmas (ARBP) revenue in 1QFY19 came in at Rs 4.6bn, up 16.7%YoY and 5%QoQ, beating our estimates by 8%. This was aided by good double-digit growth in the formulations segment, with US and Europe/RoW growing at 11.5% and 31% YoY respectively. Gross margin dropped to 55% (v/s 59% in 1QFY18) due to one-off inventory provisions and shelf stock adjustment.