Cipla posted poor set of numbers for 1QFY2018. Sales came in at `3,432cr (`3,789cr expected) v/s. `3,566cr in 1QFY2017, a yoy de-growth of 3.5%, mainly driven by the dip in Indian formulation sales. Indian formulation sales registered (`1,271cr) a yoy dip of 12.9%, mainly on the back of GST implementation. On operating front, the EBITDA margins came in at 16.1% (15.5% expected) v/s. 14.8% in 1QFY2017. Thus, the PAT came in at ` 409cr (`346cr expected) v/s. `339cr in 1QFY2017, a yoy growth of 20.6%. We maintain our SELL.

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