Cipla is likely to report 9% qoq decline as most of the gNexium boost has been captured in Q1 FY16 and company had indicated that Q1 supplies have been lower (leading to lower PAT in Q2) which along with higher R&D spends would impact margin by ~400bps qoq to 23%; reported PAT likely to decline ~25% qoq, IIFL says.
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