For 3QFY2016, Lupin posted results more or less in line with our expectations. A higher than expected other income aided the net profit to come in higher than our expectation. The company posted sales of Rs3,358cr (V/s Rs3,400cr expected), a growth of 6.8% yoy. On the operating front, the OPM came in at 20.2% (V/s 20.5% expected) V/s 27.0% in 3QFY2015. R&D; expenditure during the quarter was 11.7% of sales V/s 8.3% of sales in 3QFY2015. The net profit came in at Rs530cr (V/s Rs469cr expected) and V/s Rs601cr in 3QFY2015, a yoy dip of 11.9%. The higher than expected PAT is on back of higher other income yoy, which came in at Rs263cr V/s Rs116.1cr in 3QFY2015. Overall, we are Neutral on the stock. Results below expectations: For 3QFY2016, Lupin posted results more or less in line with our expectations. A higher than expected other income aided the net profit to come in higher than our expectation. The company posted sales of Rs3,358cr (V/s Rs3,400cr expected), a growth of 6.8% yoy. On the operating front, the OPM came in at 20.2% (V/s 20.5% expected) V/s 27.0% in 3QFY2015. R&D; expenditure during the quarter was 11.7% of sales V/s 8.3%...