For 3QFY2017, Cadila Healthcare posted lower than expected results with sales
at Rs2,250cr (v/s. Rs2,800cr expected) v/s. Rs2,268cr in 3QFY2016, a yoy degrowth
of 0.8%. The dip in sales was on the back of the US (Rs886.9cr, a yoy dip
of 17.2%). On the operating front, the EBITDA margin came in at 15.2% (v/s.
22.1% expected) v/s. 22.0% in 3QFY2016. The GPM’s came in at 60% (v/s.
66.5% in 3QFY2016), which resulted in dip in OPM. The Adj. net profit came in
at Rs282cr (v/s. Rs517cr expected) v/s. Rs431cr in 3QFY2016, a yoy de-growth of
34.7%. We remain Neutral.
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