CMP : 469
Target Price :
Cipla’s results for 4QFY2016 have come much below our expectations. Sales
came in at Rs3,207cr V/s Rs3,274cr expected, a yoy growth of 7.6%. The sales
growth was driven by domestic formulations (Rs1,258cr), as expected, which grew
15.9% yoy, while exports posted a yoy growth of 7.4%. On the operating front,
the EBDITA came in at 5.0% V/s ..