CMP : 564
Target Price : 490
Cipla posted numbers lower than expected for 2QFY2017. The company posted
sales of Rs3,672cr vs. Rs3,737cr expected, registering a yoy growth of 8.7%,
mainly aided by domestic formulations. Domestic formulation (Rs1,522cr) grew by
11.3% yoy, while exports (Rs2150cr) grew by 7.5% yoy. On the operating front,
the EBITDA margin came in at 16..