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Cadila Healthcare Ltd Research Report - 24th Feb 2016

Pharmaceutical | Published on Feb 24th 2016

IT

For 3QFY2016, Cadila Healthcare (Cadila) posted a robust performance on the net profit front while sales came in lower than expected. Sales came in at Rs2,342cr (V/s Rs2,600cr expected), growing by 8.4% yoy. On the operating front, the OPM came in at 21.0% V/s 21.4% expected and V/s 19.3% in 3QFY2015. The expansion in the OPM was driven by expansion in the GPM to 65.9% V/s 64.8% in 3QFY2015 and almost flat growth in staff and other expenditure. R&D expenditure during the quarter came in at 10.1% V/s 8.7% of sales in 3QFY2015. The net profit came in at Rs389cr V/s Rs353cr expected and V/s Rs282cr in 3QFY2015, a yoy growth of 38.2%. The Adj. net profit came in at Rs390cr V/s Rs278cr in 3QFY2015, a yoy growth of 40.0%. We maintain our Accumulate on the stock. Results better than expected at the net profit level: For 3QFY2016, sales came in at Rs2,342cr (V/s Rs2,600cr expected), growing by 8.4% yoy. On the operating front, the OPM came in at 21.0% V/s 21.4% expected and V/s 19.3% in 3QFY2015. The expansion in the OPM was driven by expansion in the GPM to 65.9% V/s 64.8% in 3QFY2015 and almost flat growth in staff and other expenditure. R&D expenditure during the quarter came in at 10.1% V/s 8.7% of sales in 3QFY2015. The net profit came in at Rs389cr V/s Rs353cr expected and V/s Rs282cr in 3QFY2015, a yoy growth of 38.2%. The Adj. net profit came in at Rs390cr V/s Rs278cr in 3QFY2015, a yoy growth of 40.0%. Outlook and valuation: We expect Cadila’s net sales to post an 18.0% CAGR to Rs11,840cr and EPS to report a 24.6% CAGR to Rs17.6 over FY2015–17E. We maintain our Accumulate rating on the stock.

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Accumulate

CMP 330
Target Price 352
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)40,463.43
MCAP NSE (Rs in Cr)40,519.73
P/E (x)27.48
EPS (Rs.)14.38
BV (Rs.)64.16
Div Yield (%)0.81
FV (Rs.)1.00
P/BV (x)6.17
EV/Sales (x)4.31
EV/EBITDA (x)17.79

Shareholding Pattern (%)

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

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