Technology

Lupin, for 1QFY2018, posted poor set of numbers. Sales came in at `3,806cr (`4,316cr expected) v/s. `4,316cr in 1QFY2017, a yoy de-growth of 11.8%. On operating front, the EBITDA margins came in at 18.5% (22.9% expected) v/s. 27.4% in 1QFY2017, mainly on the back of lower than expected sales during the quarter and dip in the gross margins. Thus, the PAT came in at `359cr (`607cr expected) v/s. `886cr in 1QFY2017, a yoy de-growth of 59.4%. Tax rate during the quarter was 27.7% of PBT v/s. 23.6% of PBT in 1QFY2017. We maintain our Buy rating on the stock.

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