For 2QFY2018, Aurobindo Pharma (APL) posted numbers slightly higher than expected sales, OPM and net profit fronts. On sales front, the company posted sales of `4,354cr (v/s. `4,200cr expected) v/s. `3,715cr in 2QFY2017, a yoy growth of 17.3%. On the operating front, the EBITDA margin was almost flat at 23.8% (v/s. 25.4% expected) v/s. 23.4% in 2QFY2017. Consequently, the Adj. PAT came in at `781cr (v/s. `730cr expected) v/s. `606cr in 2QFY2017, a yoy growth of 29.0%. We maintain our Buy rating on the stock.
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