Alembic Pharma posted lower than expected numbers for 3QFY2017. In sales,
the company posted revenues of Rs770cr (Rs872cr expected) v/s Rs921cr in
3QFY2016, dip of 16.4% yoy. The dip in sales was mainly on the back of the
International sales, which came in at Rs303cr v/s Rs521cr in 3QFY2016, a dip of
41.8%. The Indian branded sales came in at Rs294cr v/s Rs288cr, a yoy growth of
2.1%. On EBITDA front, the company posted an EBITDA of 18.8% (20.6%
expected) v/s 41.7% in 3QFY2016. Consequently, PAT came in at Rs87cr (lower
than expectations) v/s Rs270cr in 3QFY2016, de-growth of 67.8% yoy. We
maintain our Neutral rating.

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