Cipla posted numbers lower than expected for 3QFY2017. The company
reported sales of Rs3,550cr v/s Rs3,737cr expected, registering a yoy growth of
15.6%, mainly aided by domestic formulations. Domestic at Rs1,408cr registered
a yoy growth of 19.1%, while exports at Rs2,239cr posted yoy growth of 13.7%.
On operating front, the EBITDA margins came in at 16.4% (v/s 16.5% expected)
v/s 12.4% in 3QFY2016. Consequently, Adj. PAT came in at Rs375cr (v/s Rs498cr
expected) v/s Rs258cr in 3QFY2016, yoy growth of 45.2%. We maintain our SELL
rating on the stock.

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