For 3QFY2016, GlaxoSmithKline Pharmaceuticals (GSK Pharma) posted a disappointing operating performance. For the quarter, the company posted sales of Rs729cr (V/s Rs730cr expected), a growth of 12.8% yoy. On the operating front, the company posted a gross margin of 53.1% V/s 55.6% in the corresponding period of the previous year. The OPM came in at 14.1% V/s 17.0% during the corresponding period of previous year, mainly owing to lower gross margin on a yoy basis. This was against our expectations of 18.1%. Thus, the reported net profit came in at Rs82cr V/s Rs55cr in the corresponding period of last year. However, the Adj. net profit came in at Rs80cr V/s Rs45cr in 3QFY2015, a yoy growth of 76.4%. We remain Neutral on the stock. Results below our expectations: For 3QFY2016, the company posted a disappointing operating performance. For the quarter, the company posted sales of Rs729cr (V/s Rs730cr expected), a growth of 12.8% yoy. On the operating front, the company posted a gross margin of 53.1% V/s 55.6% in the corresponding period of the previous year. The OPM came in at 14.1% V/s 17.0% during the corresponding period of previous year, mainly owing to lower gross margin on a yoy...