Maintain BUY with a TP of Rs 1,800 (22x Sep-20E EPS) Torrent Pharma (TRP) reported in-line numbers in 2QFY19. Revenue at Rs 18.9bn was up 33/1% YoY/QoQ, (in-line) with 34%YoY growth in India and 54%YoY jump in US revenues. EBITDA at Rs 4.7bn was up 44%YoY/ down 1%QoQ (6% miss) with margin at 25%, up 200bps YoY/ down 50bps QoQ. This was impacted by a penalty amounting to Rs 150mn included in other expenses, adjusting for which, the EBITDA margin came in at 26% (in-line).