1QFY20's sharp improvement in operating performance was driven by short-term opportunities in the US, which will not persist. Sustainable growth relies upon approvals for lucrative onco-injectables and derma products, which will reflect in revenues only by FY22E. Meanwhile in India, the co is consistently underperforming the broader market. Hence, we lack visibility on revenue growth above 13% CAGR over FY19-21E. Additionally, incremental stress on margins (-100bps over FY19-21E) will restrict PAT CAGR to 11%. Valuations, too, remain unsupportive at 21.1/16.8x FY20/21E P/E. We maintain NEUTRAL on ALPM following a miss on our revenue estimates, while profitability was higher than expectation. Growth across segments was muted, barring the US. Our TP is unchanged at Rs 570 (18x FY21E EPS).