Key highlights: Revenues were 3% below our estimates to Rs 19.43bn (+18% yoy). While US sales of US$ 104mn (+24% yoy) was in line of our estimates and Domestic formulations outpaced industry growth, the weak show by Latin America markets led to miss in sales estimates. Visible pricing pressure in US & higher employee cost caused 270bps negative surprise in operating margin at 19.5% (estimated 22.2%) that resulted in 15% below expected EBITDA at Rs 3.79bn. Thanks to forex gain of Rs700mn that supported PAT at Rs 2.18bn (10% below estimated). However, the tax rate was higher at 35% (vs 25% normal). The core earnings (adjusted forex gain and abnormal taxes) were 18% below expectation.Phillip Capital now value GNP at Rs 1000 i.e.19x FY18 EPS, implying 18% potential upside. Re?iterate BUY with a lowered TP of Rs 1000.