Religare's report on CiplaCipla’s Q2FY16 operating profits at Rs 7.9bn were in line with estimates, but PAT at Rs 4.3bn missed forecasts on lower other income and a higher tax rate. Management retained its FY16 revenue growth guidance of 20% (RCML: 20.8%), implying a moderate H2 – we believe this possibly factors in modest domestic business growth and a sharp decline in gNexium sales (in line with expectations). We broadly retain estimates and maintain HOLD with a Sep’16 TP of Rs 755, says Religare research report.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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