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Cadila Healthcare Ltd Research Report - 16th Aug 2016

Pharmaceutical | Published on Aug 16th 2016

IT

For 1QFY2017, the company posted lower than expected results. The company posted sales of Rs2,216cr V/s Rs2,607cr expected and V/s Rs2,267cr in 1QFY2016, a yoy de-growth of 2.2%. On the operating front, the EBITDA margin came in at 20.4% V/s 20.9% expected and V/s 20.3% in 1QFY2016. The dip in the OPM was saved in spite of an underperformance on the sales front as the GPM improved to 65.1% V/s 64.8% in 1QFY2016. The Adj. net profit came in at Rs356cr V/s Rs489cr expected and V/s Rs462cr in 1QFY2016, a yoy de-growth of 22.9%. We maintain our accumulate rating. Results lower than expected: Company posted sales of Rs2,216cr V/s Rs2,607cr expected and V/s Rs2,267cr in 1QFY2016, a yoy de-growth of 2.2%. The dip in sales was owing to the USA business (Rs848.3cr) posting a yoy dip of 13.9%. On the operating front, the EBITDA margin came in at 20.4% V/s 20.9% expected and V/s 20.3% in 1QFY2016. The dip in the OPM was saved in spite of an underperformance on the sales front as the GPM improved to 65.1% V/s 64.8% in 1QFY2016. The Adj. net profit came in at Rs356cr V/s Rs489cr expected and V/s Rs462cr in 1QFY2016, a yoy de-growth of 22.9%. Outlook and valuation: We expect Cadila’s net sales to post a 17.8% CAGR to Rs13,148cr and EPS to report a 15.8% CAGR to Rs20.0 over FY2016–18E. We maintain our accumulate rating on the stock.

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Accumulate

CMP 372
Target Price 400
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)40,043.69
MCAP NSE (Rs in Cr)40,069.29
P/E (x)27.20
EPS (Rs.)14.38
BV (Rs.)64.16
Div Yield (%)0.82
FV (Rs.)1.00
P/BV (x)6.10
EV/Sales (x)4.27
EV/EBITDA (x)17.60

Shareholding Pattern (%)

Promoter75.0
Foreign10.0
Institution7.0
Public & Others6.0
Corporate2.0
Grand Total100.0

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