We maintain our Buy rating on Aurobindo Pharma (APL) and revise TP to Rs1,010 (earlier Rs1,070) based on 18x March'20E EPS of Rs56.2. The company's Q1FY19 revenue was in-line with our expectations. However, EBIDTA margin and net profit were below expectation. APL's sales grew 16% YoY, margin declined 460bps to 18.3% and net profit declined by 12% YoY. Its specialised segments such as injectables, penam, microspheres, hormones, oncology, vaccines, neutraceutical, depot injections, OTC and peptides would improve margins due to complexity in the manufacturing. APL has developed a robust pipeline of 487 ANDAs for the US...