Following a weak 1HFY19, LPC reported a recovery in 2HFY19, ending the year with a ~6% revenue growth, which is likely to accelerate in FY20-21E. The recent launches of gSynthroid/gAndrogel, monetization of the complex generics pipeline (gProair and bEnbrel), supported by ~20 yearly ANDA approvals will drive ~12% revenue CAGR over FY19-21E. Boosted by high margin products, US base business recovery and easing of raw material prices in India, we expect EBITDA margin to expand 100bps annually. With US$ 60mn Solosec revenue expectation, the specialty spend to the tune of US$ 50mn will also be fully absorbed (~2% of sales) in FY21E. Despite being marred by repeated US FDA issues, LPC's visible levers for both revenue and profitability help maintain our positive stance. India franchise, valued at ~Rs 650/sh, continues to protect the downside risk. We maintain a BUY on LPC following in line operational performance in 4QFY19. Our TP is revised at Rs 930/sh (22x FY21E EPS) following a 10% cut in our FY21E EPS to account for higher tax and slower ramp up in Solosec.