GlaxoSmithKline Pharmaceuticals (GSK) posted better than expected results on sales and OPM fronts for 4QFY2017. The revenues came in at `763cr v/s `690cr expected, registering a yoy growth of 10.9%. On the OPM front, the EBDITA margins came in at 15.2% (v/s 11.3% expected) as compared to 16.1% in 4QFY2016. The Adj. PAT for the quarter came in at `86.7cr v/s `95.4cr in 4QFY2016, a yoy dip of 9.2%. Given the valuations we maintain our Neutral.

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