For 3QFY2016, Indoco Remedies (Indoco) results were in line with our expectations on the sales front, while the net profit came in lower owing to a lower than expected OPM. The company posted sales of Rs255cr (V/s Rs257cr estimated), a growth of 19.6% yoy. The growth during the quarter came in through exports (Rs112.1cr) which rose 34.6% yoy, while domestic market sales grew 9.8% yoy to Rs141.9cr. On the operating front, the OPM came in at 15.4% V/s 18.3% in 3QFY2015 (and V/s an expected 16.5%). Thus, the net profit came in at Rs20.4cr V/s Rs21.6cr in 3QFY2015, a dip of 5.6% yoy. This is against our expectation of Rs25.4cr. Overall, we are Neutral on the stock. Results lower than expected: The company posted sales of Rs255cr (V/s Rs257cr estimated), a growth of 19.6% yoy. The growth during the quarter came in through exports (Rs112.1cr) which rose 34.6% yoy, while domestic market sales grew 9.8% yoy to Rs141.9cr. Exports growth during the period was aided by the regulated markets (Rs90.4cr) which grew 36.3% yoy and emerging markets (Rs139.0cr) which grew 32.6% yoy. On the operating front, the OPM came in at 15.4% V/s 18.3% in 3QFY2015 (and V/s an expected...