Revise TP to Rs 1,860 (22x Dec-20E EPS). Torrent Pharma (TRP) reported in-line numbers in 3QFY19. Revenue adjusted for a one-time payment was at Rs 19.8bn, up 35/5% YoY/QoQ. This was largely driven by 43% YoY growth in India (on a low base) and 60% YoY jump in US revenues. EBITDA at Rs 5.2bn was up 47% YoY/ 6% QoQ (in-line) with margin at 26.5%, up 215bps YoY/ flat QoQ. Adjusted PAT at Rs 2.2bn (+ 280/13% YoY/QoQ) was aided by lower tax rate at 10.5% owing to a one-off tax credit. Tax rate is likely to normalize in FY20.