CREDIT SUISSE ON LUPIN

*Cuts target to Rs 920*

Maintain Underperform

Q1 weak with disappointment in US sales and India impacted by GST
Fortamet as a molecule continues to lose market share to Glucophage
Lupin's share is down from 70% to 50% now in Glumetza
Inventory days in India halved to 20 days during GST
R&D expense to stay high as Tiotropium DPI Inhaler trials started