Having overcome regulatory issues at key formulations plants, the co is rapidly ramping up US revenues with key oncology and injectables launches. Additionally, biosimilar and complex generics launches in EM and reg markets, renewed focus on India, and traction gained in EU & China will support rev CAGR of ~15% over FY19-21E. Mr Erez Israeli has now stepped up as the CEO, following a successful stint as COO with ~400bps improvement in EBITDA margin during FY19. Continued cost optimization, divestment of non-core assets, and healthy revenue growth across key geographies along with a better mix will drive ~19% PAT CAGR over FY19-21E. Considering the improving balance sheet, healthy FCF (Rs 15bn+ annually), and largely clear regulatory status, the valuations remain lucrative at 20.7/17.8x FY20/21E P/E. We maintain BUY on DRRD following a miss on our estimates driven by temporary issues. Our TP is unchanged at Rs 3,360 (20x FY21E EPS + Rs 380/sh for niche products). A visible ramp up in the US and further cost efficiencies enable us to stay confident.