Maintain BUY with a TP of Rs 585 (15x Dec-20E EPS + Rs 30/sh for biopharma). Strides reported a good set of numbers with revenue at Rs 7.9bn, up 6/8% YoY/QoQ and 5% ahead of our estimates. Revenue growth was largely driven by scale up in the US business. EBITDA came in at Rs 1.2bn with margin at 16%, down 150bps YoY and up 240bps QoQ. The sequential margin expansion was on account of higher US sales; consistent with our expectation. Reported PAT at Rs 2.9bn (+236% YoY) includes a one-time payment related to Mylan deal. Adjusting for which, PAT was 22% ahead of our estimates at Rs 239mn.