Aurobindo Pharma (APL) posted numbers lower than expected on sales and net
profit front, while OPM was more or less in line with expectations. On sales front,
the company posted sales of Rs3715cr vs. Rs3,900cr expected vs. Rs3,280cr in
2QFY2016, posting a yoy growth of 13.3%. On the operating front, the EBITDA
margin came in at 23.4% vs. 24.1% expected and vs. 22.0% in 2QFY2016.
Consequently, the Adj. PAT came in at Rs606cr vs. Rs660cr expected vs. Rs454cr in
2QFY2016, a yoy growth of 33.5%. Apart from better than expected OPM, the
company also posted higher than expected other income (Rs82cr in 2QFY2017
vs. Rs65cr in 2QFY2016). We maintain our Buy rating on the stock.
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