For 2QFY2018 Indoco Remedies sales came in at `280cr, in line with expectations, posting a yoy growth of 1.3%. The growth was impacted by lower exports, mainly on the back of US (` post a 69.5% yoy dip in sales). Indian Formulation sales posted 11.5% yoy growth. On operating front, the EBITDA margins came in at 12.9% (11.8% expected) v/s. 13.5% in 2QFY2017, following lower than expected other expenses during the quarter. Thus, the PAT came in at ` 20cr (`13cr expected) v/s. `22cr in 2QFY2017. We maintain our sell rating on the stock, with a price target of `136.

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