Alembic Pharma posted marginally lower than expected results for 1QFY2018. In Rupee terms, revenues de-grew by 12.0% yoy to `648cr (`737cr expected) v/s. `737cr in 1QFY2017. International formulation came in at `282cr v/s. `309cr in 1QFY2017, a yoy dip of 8.7%. Indian formulation sales came in at `236cr v/s. `299cr in 1QFY2017, a yoy dip of 21.0%. On the operating front, EBITDA margin came in at 16.0% (13.8% expected) v/s. 21.3% in 1QFY2017, a dip of 565bps yoy. Thus, PAT came in at `67cr (`62cr expected) v/s. `104cr in 1QFY2017, down 35.7% yoy. We recommend an Accumulate rating.
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