We maintain BUY with TP of Rs 1,070 (14x Dec-20E EPS). Jubilant (JUBL) reported strong operating performance with revenue growing 15/5% YoY/QoQ to Rs 23.8bn in 3QFY19 (8% beat). This was primarily driven by the robust 29% growth in the Pharma segment (60% of sales), while LSI segment declined 3% and the smaller DDS segment grew 22% YoY. EBITDA came in at Rs 4.9bn with margin at 20.8% (+60/90bps YoY/QoQ, in-line). Margin expansion was led by higher gross margin at 63.2% owing to improved business mix. PAT stood at Rs 2.7bn, up 26/28% YoY/QoQ aided by higher other income.