Downgrade Cipla to Neutral - Wait for margin recovery - HSBC

- 3QFY13 net profit miss of c10% on the back of higher expenses despite in line sales. Margin missed by c250bps

- Export formulations remain strong. India falls in line with market (4% below estimate) - growth guided at 15%

- Still evaluating Cipla Medpro offer. Downgrading to N from OW, revising TP to INR450 (from INR440), rolling to Dec-14e

Source : Equity Bulls

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