Sharekhan's reserach report on CiplaSales for the quarter grew by 25% to Rs3,452 crore; operating profit grew by 41% to Rs789 crore; operating profit margin (OPM) improved by 269BPS to 22.9% and profit for the quarter grew by 44% to Rs431 crore. Domestic sales grew marginally by 1% to Rs1,262 crore; export formulations grew by 51% to Rs1,874 crore and exports API grew by 61% to Rs226 crore. This result includes one-off revenue from the US market.Taking cues from interaction with the management, we have maintained our earnings estimates for FY2016 and FY2017. We have also maintained our Buy rating on the stock with an unchanged price target of Rs795.
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