Alembic Pharmaceuticals (Alembic Pharma) posted better-than-expected results for 3QFY2016. It posted an 81.8% yoy growth in sales for the quarter to Rs921cr V/s Rs507cr in 3QFY2015 (and V/s an expected Rs700cr). Sales growth was mainly driven by the international business, which posted a 248% yoy growth, while the Indian branded formulation business posted a 15% yoy growth. Consequently, on the operating front, the EBITDA margin came in at 41.7% V/s 20.1% in 3QFY2015 (and V/s an expected 27.5%). The same was aided by gross margin expansion, which came in at 77.6% V/s 65.6% in 3QFY2015. The R&D; expenditure during the quarter was 7.6% of sales V/s 6.0% of sales in 3QFY2015. Thus, the PAT came in at Rs269cr V/s Rs71cr in 3QFY2015 (and V/s an expected Rs160cr), a yoy growth of 281.4%. We maintain our Neutral rating on the stock considering fuller valuations. Results better than expectations: Alembic Pharma posted better-than-expected results for 3QFY2016. It posted an 81.8% yoy growth in sales for the quarter to Rs921cr V/s Rs507cr in 3QFY2015 (and V/s an expected Rs700cr). Sales growth was mainly driven by the international business, which posted a 248% yoy growth, while the Indian branded formulation business posted a 15%...