Maintain BUY with a TP of Rs 1,030 (22x FY20E EPS). Lupins (LPC) performance in 2QFY19 was in line with our expectation, with revenue at Rs 39.51bn, flat YoY/ up 3% QoQ (in line). EBITDA Margin at 13.9% was down 767bps YoY/ up 24bps QoQ primarily on the back of higher spend for specialty business in the US and lowered profitability of US generic business. PAT at Rs 2.66bn was down 42% YoY.