For 4QFY2017, Lupin posted results which were much below expectations mainly on OPM and the net profit front. The revenues came in at `4,162cr v/s. `4,338cr, a yoy growth of 1.3%. On the OPM front, the EBDITA margins came in at 16.6% (v/s. 25.7% expected) v/s. 31.2% in 4QFY2016. Thus, the Adj. PAT during the quarter came in at `380.3cr v/s. `748cr expected a yoy dip of 49.2%. Given the valuations, we maintain our Buy rating on the stock.

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