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Ipca Laboratories Ltd Research Report - 16th Nov 2016

Pharmaceutical | Published on Nov 16th 2016

IT

Ipca Laboratories posted numbers lower than expected on the net profit and OPM front. On sales front, the company posted sales of Rs853cr (vs. Rs750cr expected vs. Rs739cr in 2QFY2016), posting a yoy growth of 15.5%. On the operating front, the EBITDA margin came in at 12.8% vs. 14.9% expected vs. 10.6% in 2QFY2016. Consequently, the Adj. PAT came in at Rs54.9cr vs. Rs53.3cr expected vs. Rs12.3cr in 2QFY2016. Apart from better than expected OPM, the company also posted higher than expected other income (Rs33cr in 2QFY2017 vs. Rs16cr in 2QFY2016). We maintain our Accumulate rating.

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Accumulate

CMP 540
Target Price 613
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)6,988.33
MCAP NSE (Rs in Cr)6,987.69
P/E (x)38.48
EPS (Rs.)14.39
BV (Rs.)187.95
Div Yield (%)0.00
FV (Rs.)2.00
P/BV (x)2.95
EV/Sales (x)2.65
EV/EBITDA (x)23.42

Shareholding Pattern (%)

Promoter46.0
Institution22.0
Foreign16.0
Public & Others13.0
Corporate3.0
Grand Total100.0

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