Lupin's (LPC) 1QFY17 revenues of INR44.3b (+41% YoY) were in line with our estimate. EBITDA margin of 29.5% was ~300bp below our estimate due to lower-than-expected sales from gGlumetza, one-time impact of ~1% from accounting of Gavis inventory at fair value and higher employee costs (+42% YoY). However, PAT of INR8.8b was higher than our estimate due to a lower tax rate of ~23% in 1Q (full-year guidance of ~27-28%). Motilal Oswal maintain Buy with a TP of INR1,850 @ 23x FY18E PER (v/s INR2,000 @ 25x FY18E PER). Their EPS estimates largely remain unchanged.