The Q4FY20 results of Cadila Healthcare Limited (Cadila) were a mixed bag and reflected the impact of Covid-19. The sales at Rs 3752 cr were flat on a y-o-y basis, but missed estimates. Revenues amounting to Rs 250 cr were deferred due to supply chain / logistics issues, which the management expects to recoup in the current quarter. The gross margins for the quarter improved by 350 bps y-o-y but an increase in the employee cost and higher other expenses wiped out the gains, leading to a 60 bps y-o-y contraction in Operating Margins. OPM's stood at 21.1% while operating profit stood at Rs 791 crdeclining by 2.4% y-o-y,...