For 3QFY2017, Aurobindo Pharma (APL) posted numbers which were almost inline
with expectations on sales and net profit front, with sales marginally higher
than expected and net profit marginally lower than expected. On sales front, the
company posted sales of Rs3844cr (v/s. Rs3,715cr expected) v/s. Rs3,432cr in
3QFY2016, posting a yoy growth of 12.0%. On the operating front, the EBITDA
margin came in at 21.7% (vs. 23.1% expected) v/s. 22.1% in 3QFY2016.
Consequently, the Adj. PAT came in at Rs579cr (v/s. Rs603cr expected) v/s. Rs544cr
in 3QFY2016, a yoy growth of 6.3%. We maintain our Buy rating on the stock.

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