For 4QFY2017, Aurobindo Pharma (APL) posted numbers which were lower than
expectations on sales, OPM & net profit fronts. On sales front, the company
posted sales of `3,582cr (v/s. `4,460cr expected) v/s. `3,674cr in 4QFY2016,
posting a yoy de-growth of 2.5%. On the operating front, the EBITDA margin
came in at 18.5% (v/s. 23.4% expected) v/s. 21.6% in 4QFY2016. Consequently,
the Adj. PAT came in at `532cr (v/s. `754cr expected) v/s. `555cr in 4QFY2016,
a yoy de-growth of 4.0%. We maintain our Buy rating on the stock, on the back
of attractive valuations.

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