For 2QFY2017, Cadila Healthcare posted lower than expected results with sales
at Rs2,336cr (vs. Rs2,737cr expected vs. Rs2,267cr in 2QFY2016), a yoy growth of
3.1%. On the operating front, the EBITDA margin came in at 21.4% (vs. 21.7%
expected vs. 20.3% in 2QFY2016). The dip in the OPM was saved in spite of an
underperformance on the sales front as the GPM improved to 63.9% (vs. 64.8%
in 2QFY2016). The Adj. net profit came in at Rs338cr (vs. Rs461cr expected vs.
Rs475cr in 2QFY2016), a yoy de-growth of 29.0%. We maintain our Neutral
rating on the stock.

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