Maintain NEUTRAL with a revised TP of Rs 800 (15x Dec-20E EPS). It is encouraging to see the US base businesses of many Indian pharma companies recovering sharply in 3QFY19, largely led by exit of big players. However, our concerns over Aurobindo (ARBP) remain related to the Sandoz acquisition, which will be completed by 1HFY20. We strongly believe that this acquisition will expand ARBPs exposure to commodity products and the portfolio will be highly prone to future competition.