Cipla posted lower than expected results on all fronts for 2QFY2018. In Rupee terms, revenues came in at `3,988r v/s. `4,243cr expected, up 8.6% yoy. Domestic sales posted a growth of 10.2% yoy; while exports grew by 7.5% yoy. On the operating front, the EBITDA margin came in at 17.8% (19.7% expected) v/s. 16.4% in 2QFY2017; a yoy expansion of 140bps. Consequently, PAT came in at `422cr v/s. `499cr expected, a growth of 19.2% yoy. We maintain our Sell rating.

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