Maintain BUY rating with a target price of Rs 980 (SEP20E EV/EBITDA 10x for pharma + 4x for LSI). Jubilants 2QFY19 performance was boosted by generic pharma, LSI and the integration of Triad pharmacies. Revenues were up 38.2% YoY to Rs 22.7bn (6% beat). Ex-triad, we believe, it grew ~14% YoY. EBITDA came in at Rs 4.5bn, 6% below our expectations. The margins were affected by lower profitability of the LSI segment of 12%. PAT was at ~Rs 2bn, up 67% YoY, 14% lower than our estimates due to higher taxes at 30% of PBT.