For 4QFY2017, Cipla posted poor set of numbers primarily related to extra-ordinary items. For the quarter, the sales came in at `3487cr v/s. `3,253cr in 4QFY2016, registering a yoy growth of 7.2%, aided by robust growth in export markets. On the OPM front, the EBDITA margins came in at 11.8% (v/s. 16.8% expected) v/s 5.0% in 4QFY2016. Thus, the company posted net loss of `62cr (v/s. profit of `299cr expected) v/s. loss of `93cr in 4QFY2016. We maintain our SELL.

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