Cipla's Q4FY17 results were disappointing on the back of depressing EBITDA margins. Total revenues were up 8.1% YoY at Rs35.8 bn below estimates by 5.5%, EBITDA margins were at 14.1% vs our estimation of 17.8% due to higher R&D; and certain one off charges and forex. Adj. PAT was at Rs3.3 bn vs our estimation of Rs3.1 bn mainly on the back of the one-time USD32 mn impairment charges on intangibles in Invagen and one-time provisioning of...