Ipca Laboratories posted numbers lower than expected on the net profit and
OPM front. On sales front, the company posted sales of Rs853cr (vs. Rs750cr
expected vs. Rs739cr in 2QFY2016), posting a yoy growth of 15.5%. On the
operating front, the EBITDA margin came in at 12.8% vs. 14.9% expected vs.
10.6% in 2QFY2016. Consequently, the Adj. PAT came in at Rs54.9cr vs. Rs53.3cr
expected vs. Rs12.3cr in 2QFY2016. Apart from better than expected OPM, the
company also posted higher than expected other income (Rs33cr in 2QFY2017
vs. Rs16cr in 2QFY2016). We maintain our Accumulate rating.

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