CMP : 517
Target Price :
Cipla posted lower than expected numbers for 1QFY2017. Sales came in at
Rs3,500cr V/s Rs3,743cr expected and V/s Rs3,761cr in 1QFY2016, a dip of 6.9%
yoy. Domestic sales (Rs1,449cr) rose 5% yoy, while exports (Rs2,051cr) dipped by
14.0% yoy. On the operating front, the EBITDA margin came in at 14.8% V/s
18.6% expected, V/s 26.0% in 1QFY20..