Easing of raw material price hikes, higher capacity utilization (Unit-3) and scale up in high margin segments (Niche API, CMS) will enable robust revenue growth (~13%) and sharp margin recovery over FY19-21E. The US Salmeterol market is also gaining traction and we believe Neuland is well placed to benefit from this opportunity, which will reflect in improved operating performance over the next two years. Additionally, another potential blockbuster, Austedo, is expected to ramp up by FY21E. We maintain our positive stance on the company owing to a high visibility on growth and attractive valuations of 21/10x FY20/21E P/E at CMP. We maintain BUY on NLL following a beat on our estimates. Our TP is revised to Rs 920/sh (14x FY21E EPS). Hopes are hinged on ramp up in critical products like Austedo and Salmeterol.