For 3QCY2017, Sanofi India posted results which were above expectations on all fronts. The sales came in at `627cr v/s. `590cr expected, registering a yoy growth of 5.0%. On the operating front, the EBITDA margin came in at 22.8% (15.7% expected) v/s. 17.6% in 3QCY2016. GPM (Gross Profit Margin) was better at 50.5% v/s. 48.3% in 3QCY2016, whereas, the EBIDTA margin was higher, despite employee expenses rose by 3.5% yoy. Consequently, the Adj. PAT came in at `116cr v/s. `83cr in 3QCY2016, a yoy growth of 40.3%. This was against the expectations of `77cr. We maintain our Neutral rating.

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