Cadila Healthcare posted good set of numbers for 2QFY2018. Sales came in at `3,155cr (`2,800cr expected) v/s. `2,336cr in 2QFY2017, a yoy growth of 35.0%, mainly driven by 66.2% growth in sales of US formulations. On operating front, the EBITDA margins came in at 24.7% (21.3% expected) v/s. 21.4% in 2QFY2017, on the back of higher than expected sales. Thus, the PAT came in at ` 503cr V/s `414cr expected. We maintain reduce with a price target of `411.

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