For 4QFY2017, Cadila Healthcare posted lower than expected results. The sales came in at `2,418cr (v/s. `2,800cr expected) v/s. `2,270cr in 4QFY2016, a yoy growth of 6.5%. On the operating front, the EBITDA margin came in at 16.7% v/s. 21.4% (v/s. 15.7% expected) in 4QFY2016. The GPM’s came in at 61.6% (v/s. 65.7% in 4QFY2016), which resulted in the dip in OPM. This, along with the 49.9% yoy increase in deprecation lead the Adj. net profit to register `386cr (v/s. `353cr expected) v/s. `568cr in 4QFY2016, a yoy de-growth of 32.1%. We remain Neutral.

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