We maintain Buy rating on Lupin with TP to Rs920 (earlier Rs930) based on 23x March'20 EPS of Rs40.0. Lupin's Q1FY19 results were lower than our and consensus estimates due to pricing pressure in the US generic market. Lupin's revenue was flat YoY, margin declined 620bps to 13.7%, and net profit declined by 43% YoY. The pricing pressure in the US has eased out due to discontinuation of several generic products by Teva and Sandoz. We believe the company's robust growth across key markets coupled with its strong pipeline of 162 pending ANDAs with US FDA will drive future growth. The key positive risk to our assumptions would be strong...