The frequent one-time' adjustments in various business segments over the last several quarters have been puzzling (switch in Rx and B2B in the US, capacity issues in injectables plant, and now distributor change in India). Higher the frequency of such events, lower would be the predictability in existing numbers. We have cut our domestic growth assumption sharply for FY20/21E after a dismal show in the India biz in 1Q (which is usually a strong quarter). The US performance looks unappealing, adjusted for gSensipar sales. With India recovery likely in 3QFY20, coupled with lower gSensipar sales from 2QFY20 onwards, EBITDA margins are expected to come down in the subsequent quarters. Earnings to remain flat YoY in FY20E. Early gProventil launch remains the only risk to our FY20E estimates. We downgrade CIPLA to NEUTRAL following a mixed 1QFY20 result. Our TP is revised at Rs 565 (22x FY21E EPS). We cut our estimates by 8/9% owing to the slump in domestic business revenue in 1QFY20.