Indoco Remedies posted lower than expected numbers for 2QFY2016. The company posted a 9.4% yoy growth in sales to Rs248cr V/s Rs272cr expected and V/s Rs226cr in 2QFY2015, on back of domestic and exports posting a growth of 1.2% and 23.6% respectively. On the operating front, the EBITDA margin came in at 15.5% V/s 20.9% expected and V/s 20.6% in 2QFY2015, on back of lower than expected sales and 28.3% yoy and 82.6% yoy rise in staff expenditure and R&D; expenditure, respectively. The R&D; expenditure during the quarter was 3.6% of sales V/s 2.2% of sales in 2QFY2015. Thus, the Adj. net profit came in at Rs22.6cr V/s Rs33.4cr expected and V/s Rs22.4cr in 2QFY2015, a yoy growth of 0.9%. The lower than expected net profit is on back of lower than expected sales and OPM. On back of valuations, we maintain our Neutral stance on the stock. Results lower than expected: The company posted lower than expected numbers for 2QFY2016. The company posted a 9.4% yoy growth in sales to Rs248cr V/s Rs272cr expected and V/s Rs226cr in 2QFY2015, on back of domestic and exports posting a growth of 1.2% and 23.6% respectively. On the operating front, the EBITDA...