Maintain NEUTRAL with a TP of Rs 580 (18x Dec'20E EPS). This was the second consecutive quarter during which the US market experienced shortages in Sartans and other molecules. Benefitting from this, Alembic Pharma (ALPM) reported 21% YoY revenue growth. However, a sequential decline of 10% was due to lower Valsartan sales as compared to 2Q. EBITDA stood at Rs 2.4bn with margin at 23.8% (+147bps YoY). PAT at Rs 1.7bn was up 30%YoY.