Lupin's Q3 EBIDTA margin came below expectations at 11.4% (down 588bps YoY, down 190bps QoQ) led by higher other exp (remediation cost, higher promotional spend) and R&D cost. Large one offs related to Gavis impairment, Japan divestiture led to reported loss of Rs83.5bn. We resume coverage with a Neutral rating and TP of Rs705/sh based on 20x FY22 EPS. Lupin has an excellent India franchise (35% of revenues, grew at 13% CAGR over last 5 years), however, with 40% of revenues from US, a lot hinges on pipeline execution, outlook for which is contingent on: a) execution of three key assets Levothyroxine (market share ramp up), Solosec (branded product) and approval for gProAir; b) resolution of compliance issues at its US FDA facilities (5 with OAI status including 2 WL). While we factor increased traction in the US and also build margin expansion on back of cost control efforts & operating leverage, valuations at 21x FY22 EPS appear full.