We believe TRP is not in faults for discontinuing the sales of two sartan products in the US as the USFDA has changed its rules related to sartan impurities frequently over FY19. Despite cutting our FY20/21E EPS estimates by 14/13% and downgrading the stock to Neutral on account of US, we maintain our target multiple at 24x P/E, as we remain constructive on TRP's lucrative India business which we value at Rs ~1,200/sh (70% of CMP). We believe the growth in India and other businesses will enable TRP to shed ~Rs 16bn net debt over the next two years, aiding ~35% EPS CAGR. Any overreaction on the stock in the near term should be taken as an opportunity to enter. We downgrade TRP to NEUTRAL following a 13% earnings cut owing to several headwinds in the US biz, which will persist over the next 4-6 quarters, in our view. Our revised TP is Rs 1,745/sh (24x FY21E EPS).