Technology

IPCA Labs posted results lower than expected for 1QFY2018 mainly on the OPM front, which lead the company to report losses during the period. In sales, the company posted sales of `713cr, a yoy de-growth of 16.6%, but mostly in-line with the expected `700cr. On EBITDA front, the company posted EBITDA of 3.0% (v/s. 8.0% expected) v/s. 14.0% in 1QFY2017. Consequently, the company posted a loss of `20cr (v/s. PAT of `21cr expected) v/s. PAT of `48cr in 1QFY2017. We maintain our BUY.

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