Overall core sales, adj. EBITDA and adj. PAT were above our estimates due to geography mix, better product mix and operating leverage. DRRD sales, EBITDA and adj. PAT grew 8%, 27%, and 4% QoQ. EBITDA margin expanded by 263bps YoY and 356bps QoQ to 23.5%. Adj.PAT was higher on account of a lower tax of 4% due to benefits from new tax regime. Global Generics grew 15% YoY on account of growth across all regions (North America 8%, Europe 52%, India 13%, EM 13%). With delay in approval of gNuvaring, DRRD provisioned impairment charges of Rs11.1b in Q3FY20, while an additional Rs2.1bn charge was taken related to impairment of other IP assets. Staff costs, SGA, and R&D increased by 1.5%, 5%, and 7.8% QoQ respectively. With increase in earnings contributed by US, India, and Russia, we assign PE 20x on FY22E earnings and derive new TP of Rs3,331, increase by 14% over our previous TP of Rs2,910 to reflect the teething problems in individual products manufacturing issues with FDA. We maintain our recommendation ‘Accumulate’. Further erosion in US generics, delay in launches, and delay in FDA resolution could be an overhang on DRRD.