I was on the call yesterday (and I believe fellow valuepickr Ankit was also on the call). Mr. Baheti the CFO gave 2 separate points which can be used to derive the sales they are internally hoping to achieve in FY17.
----He mentioned they can spend upto Rs450 crs on R&D
----For a different question he mentioned they are expecting R&D as a % of sale to be 14-15% next year.
So 450/15% = Rs3000crs. So thankfully even post Abilify boost going away they expect net sales at Rs3000 crs in FY17 (v/s Rs3140crs in FY16) which means some other molecules should kick in.
It was also mentioned that they are targetting sales to grow at a CAGR of 25-30% from current levels over next 4 to 5 years. But this growth will be more back ended. They did not seem to worried about the 483s.
Another positive observation is that Alembic Pharma does not capitalize R&D (and boost its EPS). Someone told me some companies like Biocon capitalized their R&D costs and amortizes them over longer term.
So it looks like in all probability FY17 should she profit decline on higher R&D expenses. So one has to be patient now as short term upside might be capped. Stock is suitable only for long term holders.