Cipla posted numbers lower than expected for 2QFY2017. The company posted sales of Rs3,672cr vs. Rs3,737cr expected, registering a yoy growth of 8.7%, mainly aided by domestic formulations. Domestic formulation (Rs1,522cr) grew by 11.3% yoy, while exports (Rs2150cr) grew by 7.5% yoy. On the operating front, the EBITDA margin came in at 16..