Missing ours as well as street expectations, Aurobindo Pharma (ARBP) has delivered a weak performance in 4QFY17 with its Sales, EBITDA and PAT coming in at Rs36.4bn, Rs7.7bn and Rs5.6bn, respectively. Its overall revenue declined by 2.8% YoY due to weak Europe sales (-8% YoY to Rs 7.8bn) and ARV business (-20% YoY to Rs 2.6bn). Its US business remained flat on YoY comparison at Rs16.4bn due to price erosion in oral solids. Adjusting for one-off (Rs500mn) inventory write-off (Actavis EU biz) and exceptional items in other expenses and higher employee cost, its EBITDA margin declined 195bps YoY to 21.2%. Despite 11% YoY decline in EBITDA, ARBP's adjusted PAT grew by 3.4% YoY to Rs5.6bn primarily owing to lower tax rate...