Alembic Pharma posted marginally lower than expected results for 4QFY2017. In Rupee terms, revenues grew by 17.8% yoy to `737cr (`770cr expected) v/s `626cr in 4QFY2016. In sales terms, the company posted growth on the back of international formulations, which grew by 44% yoy, while the Indian domestic formulations grew by 6.0% yoy. On the operating front, EBITDA margin came in at 18.2% (19.9% expected) v/s 22.7% in 4QFY2016, a dip of 460bps yoy. Thus, PAT came in at `93cr (`101cr expected) v/s `91.2cr in 4QFY2016, up 2.4% yoy. We recommend an Accumulate rating.

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