For 2QFY2016, Dishman Pharmaceuticals and Chemicals (Dishman) posted lower than expected results on the sales front while a higher other income aided the net profit to come in marginally higher than expected. The company posted a 4.8% yoy dip in sales to Rs374cr V/s Rs392cr in 2QFY2015. Sales for 2QFY2016 declined 4.8% yoy to Rs374cr V/s an expected Rs429cr and V/s Rs392cr in 2QFY2015. The CRAMS segment (Rs269.6cr) posted a decline of 4.1% while the other segment (Rs103.9cr) posted a dip of 6.4% yoy. On the operating front, the GPM came in at 75.8% V/s 72.3% expected and V/s 69.7% in 2QFY2015. However, in spite of the same, the OPM came in at 22.5% V/s 22.0% expected and V/s 20.5% in 2QFY2015. The net profit consequently came in at Rs36.5cr V/s Rs35.6cr expected and V/s Rs33.4cr in 2QFY2015, a yoy growth of 9.4%. The other income during the period came in at Rs15.1cr V/s Rs7.8cr in 2QFY2015. We maintain our Neutral stance on the stock. Results lower than expected on the sales front: Sales for 2QFY2016 declined 4.8% yoy to Rs374cr V/s an expected Rs429cr and V/s Rs392cr in 2QFY2015. The CRAMS segment (Rs269.6cr) posted a decline of 4.1% while...