Maintain NEUTRAL with a TP of Rs 610 (18x SEP20E EPS). Alembic Pharma (ALPM) reported buoyant numbers with revenue at Rs 11.3bn (+43% YoY), EBITDA margin at 26.8% (+413bps YoY) and PAT jumping to Rs 2bn (+65% YoY) in 2QFY19. This was largely driven by one-off Valsartan opportunity in the US market during this quarter. Adjusting for Valsartan, we believe revenues were up 16-18% YoY with Ex-US international business growing ~114% YoY and EBITDA margin was at 17-18%, affected by increased SG&A; cost and heightened R&D; in 2QFY19.