For 4QFY2016, Lupin posted results above our expectations. Sales came in at Rs4,091cr (V/s Rs3,665cr expected), up 34.0% yoy. Sales growth was driven by Formulations (Rs3,807.5cr) which rose by 38.6% yoy, while API (Rs283.8cr) witnessed a dip of 7.7% yoy. On the operating front, the EBDITA margin came in at 31.2% V/s 25.1% in 4QFY2015 and..