For 3QFY2017 Lupin posted results much better than expected on sales and
OPM fronts. In sales, the company posted sales of Rs4,110cr v/s Rs4,000cr
expected yoy growth of 31.3%. The strong sales growth was aided by the USA
(contributed around 49.0%), which registered a yoy growth of 57.6%. On EBITDA
front, the company posted EBITDA of 25.9% (v/s 22.4% expected) v/s 20.2% in
3QFY2016. Consequently, PAT came in at Rs633.1cr (v/s Rs637.2cr expected) v/s
Rs529.6cr in 3QFY2016, growth of 19.5% yoy. We maintain our buy rating on
the stock.

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