Maintain BUY with a TP of Rs 480 (15x Sep-20E+ Rs 30/sh for biopharma). Strides continued to gain traction in the US and other regulated markets, which offset the further slump seen in the institutional business as compared to the previous quarter. Revenue was reported at Rs 7.3bn, down 4.7% YoY/ up 10.4% QoQ. EBITDA at Rs 996mn saw a sequential jump of 23% with margin at 13.6% (up 142bps QoQ).