Maintain SELL with a TP of Rs 1,395 (22x Dec-20E EPS). This is Divis Labs (DIVI) second consecutive quarter with Rs 12bn plus revenues, up from a quarterly run-rate of Rs 9-10bn earlier. Although the management maintains that this is driven by normalization of orders post import alert clearance, there is an uncanny coincidence that the business has gained traction in a quarter where Valsartan API prices soared, and the Rupee fell ~10%.