Maintain BUY rating with a TP of Rs 465 (22x Dec-20E EPS). Cadila (CDH) reported a bumper quarter in 3QFY19 with revenue at Rs 35.9bn, up 11/23% YoY/QoQ (12% beat). Seasonality in the US and several launches over the last 6 months were the key reasons. Although EBITDA margin at 24.2% was up 257bps QoQ (155bps miss) on account of higher operating leverage in the US, there was a 300bps drop in gross margin due to higher AG sales.