Maintain BUY with a revised TP of Rs 475 (22x Sep-20E EPS). Cadila (CDH) reported a muted quarter in 2QFY19 with revenue at Rs 29.6bn, down 8%YoY/ up 2%QoQ (in-line). Despite recovering 7%QoQ, the US business was down 20%YoY as it witnessed competition in gLialda. Margin at 23.2% was down 338bps YoY and up 94 bps QoQ (110bps miss) on account of higher forex loss at Rs 578mn (v/s Rs 135mn in 2QFY18) and increased R&D; spend of Rs 2.7bn, 9% of sales.