Maintain BUY with a TP of Rs 875 (15x Sep'20E EPS). Aurobindo Pharmas (ARBP) 2QFY19 performance was ahead of our estimates, with revenue at Rs 47.5bn, up 7/12% YoY/QoQ despite a high base of 2QFY18 which includes gRenvela sales. The 11% beat was primarily driven by the US business (~47% of revenue, up 6/18% YoY/QoQ), while all other segments also grew during the quarter.