3QFY20 revenues came in at INR43.7b (in-line), up 9% YoY, led by growth in India/US sales. We expect 15% earnings CAGR, led by superior execution in the US with share of differentiated products in the portfolio increasing and gradual improvement in DF growth over FY19-22E. We continue to value Cipla at 20x 12M forward earnings to arrive at price target of INR490 (from INR500 Indias Rx (branded business) sales grew 14% YoY, while trade generics grew +7% YoY. Cipla delivered 15% CAGR in US revenues to USD488m over FY16-19, led by 46 launches during the same period and increasing share of Direct to market (DTM) business. With resolution of the issue, we expect sales CAGR to improve by 11% We expect 15% earnings CAGR, led by superior execution in the US with increasing share of differentiated products in the portfolio and gradual improvement in DF growth over FY19-22E.