Remain bullish on the stock and maintain BUY with a TP of Rs 830 (14x Dec-20E EPS). Neuland Labs (NLL) reported encouraging numbers with 41% YoY revenue growth and a 73% YoY jump in EBITDA in 3QFY19. However, EBITDA margin remained muted at 9% of sales (in line) on account of continued raw material pressure, underutilized facilities and inferior business mix. PAT at Rs 46mn was up 5x YoY.