CMP : 1,505
Target Price : 1,809
For 4QFY2016, Lupin posted results above our expectations. Sales came in at
Rs4,091cr (V/s Rs3,665cr expected), up 34.0% yoy. Sales growth was driven by
Formulations (Rs3,807.5cr) which rose by 38.6% yoy, while API (Rs283.8cr)
witnessed a dip of 7.7% yoy. On the operating front, the EBDITA margin came in
at 31.2% V/s 25.1% in 4QFY2015 and..