GlaxoSmithKline Pharmaceuticals (GSK) posted better than expected results on sales and OPM fronts for 2QFY2018. The revenues came in at `836cr v/s. `800r expected, registering a yoy growth of 4.6%, mainly on the back of GST implementation. On the OPM front, the EBDITA margins came in at 23.0% (v/s. 15.3% expected) as compared to 17.6% in 2QFY2017, mainly driven by lower expenses during the quarter. The Adj. PAT came in at `127cr v/s. `99cr in 2QFY2017, a yoy growth of 28.5%. We recommend a Sell.

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