2QFY2016 Result Update | Pharmaceutical
October 30, 2015
Cadila Healthcare
NEUTRAL
CMP
`425
Performance Highlights
Target Price
-
Investment Period
-
Y/E March (` cr)
2QFY2016 1QFY2016
% chg (qoq) 2QFY2015
% chg (yoy)
Net sales
2,374
2378
(0.2)
2064
15.0
Other income
109
143
(23.6)
59
85.4
Stock Info
Gross profit
1567
1530
2.4
1242
26.2
Sector
Pharmaceutical
Operating profit
536
479
12.0
377
42.3
Market Cap (` cr)
43,473
Adj. Net profit
391
355
10.2
278
40.7
Net debt (` cr)
1,817
Source: Company, Angel Research
Beta
0.7
For 2QFY2016, Cadila Healthcare (Cadila) posted better than expected on the
52 Week High / Low
454 / 255
OPM front. Sales came in at `2,374cr (V/s our estimate of `2,500cr), a yoy
Avg. Daily Volume
23,678
growth of 15.0%. In terms of geographies, US, India and Emerging Markets grew
Face Value (`)
1
by 25.2%, 10.3% and 34.9% yoy, respectively. On the operating front, the GPM
BSE Sensex
27,253
came in at 66.0% V/s 60.2% in 2QFY2015, leading the OPM to come in at
Nifty
8,233
22.6% V/s 18.2% in 2QFY2015. This was against our expectation of an OPM of
Reuters Code
CADI.BO
20.3%. The expansion in the OPM was lesser than in the GPM owing to a
Bloomberg Code
CDH@IN
significant rise in R&D expenditure, which rose by 46.7% yoy. Thus, the net profit
came in at `391cr (V/s our estimate of `367cr), ie a yoy growth of 40.7%. We
maintain our Neutral stance on the stock.
Shareholding Pattern (%)
Promoters
74.8
Results better than expected at the OPM level: The company posted better than
MF / Banks / Indian Fls
11.8
expected results on the OPM front, for the quarter. Sales came in at `2,374cr (V/s
our estimate of `2,500cr), a yoy growth of 15.0%. In terms of geographies, US,
FII / NRIs / OCBs
7.7
India and Emerging Markets grew by 25.2%, 10.3% and 34.9% yoy, respectively.
Indian Public / Others
5.8
On the operating front, the GPM came in at 66.0% V/s 60.2% in 2QFY2015,
leading the OPM to come in at 22.6% V/s 18.2% in 2QFY2015. This was against
Abs.(%)
3m 1yr 3yr
our expectation of an OPM of 20.3%. The expansion in the OPM was lesser than
in the GPM owing to a significant rise in R&D expenditure, which rose by 46.7%
Sensex
(1.1)
1.9
46.3
yoy. The R&D expenditure as a % of sales came in at 7.3% V/s 5.7% in
Cadila
10.9
55.3
145.0
2QFY2015. This led the net profit to come in at `391cr (V/s our estimate of
`367cr), a yoy growth of 40.7%.
3-Year Daily Price Chart
Outlook and valuation: We expect Cadila’s net sales to post an 18.0% CAGR
to `11,840cr and EPS to report a 24.6% CAGR to `17.6 over FY2015-17E.
We maintain our Neutral rating on the stock.
Key financials (Consolidated)
Y E March (` cr)
FY2014
FY2015
FY2016E
FY2017E
Net sales
7,060
8,497
10,224
11,840
% chg
14.7
20.4
20.3
15.8
Net profit
819
1,159
1,496
1,800
% chg
25.0
41.5
29.1
20.3
EPS
8.0
11.3
14.6
17.6
Source: Company, Angel Research
EBITDA margin (%)
14.7
18.8
21.0
22.0
P/E (x)
53.1
37.5
29.1
24.1
RoE (%)
25.3
30.1
30.8
29.0
RoCE (%)
13.8
20.2
24.5
25.2
P/BV (x)
2.5
10.2
8.0
6.2
Sarabjit Kour Nangra
EV/Sales (x)
1.4
5.2
4.3
3.6
+91 22 39357600 Ext: 6806
EV/EBITDA (x)
9.7
27.8
20.2
16.3
[email protected]
Source: Company, Angel Research; Note: CMP as of October 27, 2015
Please refer to important disclosures at the end of this report
1
Cadila Healthcare | 2QFY2016 Result Update
Exhibit 1: 2QFY2016 performance (Consolidated)
Y/E March (` cr)
2QFY2016
1QFY2016
% chg (qoq) 2QFY2015
% chg (yoy) 1HFY2016 1HFY2015
% chg
Net Sales
2,374
2,378
(0.2)
2,064
15.0
4,752
4,084
16.4
Other Income
109
143
(23.6)
59
85.4
253
99
155.1
Total Income
2,483
2,521
(1.5)
2,123
17.0
4,183
4,183
0.0
Gross profit
1567
1530
2.4
1242
26.2
3097
2449
26.5
Gross margin (%)
66.0
64.3
60.2
65.2
60.0
Operating profit
536
479
12.0
377
42.3
1016
722
40.7
Operating Margin (%)
22.6
20.1
18.3
21.4
17.7
Financial Cost
13
13
(5.2)
17
(25.5)
26
35
(25.7)
Depreciation
73
74
(0.6)
73
0.3
147
141
4.2
PBT
560
535
4.6
346
61.8
1095
645
69.8
Tax
158
172
(8.3)
57
177.1
330
110
200.2
Adj. PAT before Extra-ordinary item
402
363
10.7
289
39.1
765
536
42.7
Exceptional loss/(gain)
0
(2)
0
(2)
1
Minority
10
8
31.8
10
17
17
Reported PAT
391
353
10.6
278
40.6
744
518
43.6
Adj. PAT
391
355
10.2
278
40.7
746
519
43.7
EPS (`)
3.8
3.5
2.7
7.3
5.1
Source: Company, Angel Research
Exhibit 2: 2QFY2016 - Actual vs. Angel estimates
(` cr)
Actual
Estimates
Variance
Net Sales
2,374
2,500
(5.1)
Operating profit
536
506
5.9
Tax
158
110
43.4
Net profit
391
367
6.6
Source: Company, Angel Research
Revenue up 15.0% yoy; marginally lower than our expectation
The company posted a yoy growth of 15.0% in sales to `2,374cr (V/s `2,500cr
expected), driven by exports. Domestic markets (`1,034cr) grew by 7.8% yoy, while
exports (`1,384cr) grew by 20.7% yoy. Among exports, Emerging Markets and US
Formulations posted a robust growth of 34.9% yoy and 25.2% yoy, respectively.
Exports (`1,384cr) grew by 20.7% yoy, driven by Emerging Markets (`1,198cr;
which grew by 34.9% yoy). The domestic markets (`1,034cr) posted a growth of
7.8%, driven by growth in domestic formulations by 10.3% yoy.
The growth in the domestic market (43% of sales) was 7.8% yoy mainly led by
formulations (`751cr) which grew by 10.3% yoy. API (`90.7cr) on the other hand
grew by 2.3% yoy, while Wellness (`111.6cr) grew by 1.4% yoy. Animal Health
and others (`80.7cr) grew by 0.7% yoy.
Exports (`1,384cr) posted a growth of 20.7% yoy. US formulations (`1,004cr)
posted a growth of 25.2% yoy. The other key growth region was Emerging Markets
& others (`119.8cr), which posted a yoy growth of 34.9%. Other markets - Europe
(`65cr) and Latin America (`52cr), posted a dip of 16.1% and 18.5% respectively.
Euro and Real’s steep fall impacted the sales in the respective regions. However,
constant currency growth in LATAM remained strong at 14% yoy. The Management
expects EU revenues to grow in line with respective market growth in the coming
years (7-8%).
October 30, 2015
2
Cadila Healthcare | 2QFY2016 Result Update
Exhibit 3: Sales trend in the US and Europe
1,120
985
1004
1,040
979
960
896
880
802
800
720
640
560
480
400
320
240
160
78
85
84
74
65
80
0
2QFY2015
3QFY2015
4QFY2015
1QFY2016
2QFY2016
US
Europe
Source: Company, Angel Research
The growth in the domestic market (43% of sales) was 7.8% yoy mainly led by
formulations (`751cr) which grew by 10.3% yoy. API (`90.7cr) on the other hand
grew by 2.3% yoy, while Wellness (`111.6cr) grew by 1.4% yoy. Animal Health
and others (`80.7cr) grew by 0.7% yoy.
Exhibit 4: Sales trend in Domestic Formulation and Consumer Wellness Divisions
800
742
751
681
680
700
642
600
500
400
300
200
110
114
111
111
112
100
0
2QFY2015
3QFY2015
4QFY2015
1QFY2016
2QFY2016
Domestic Formulation
Consumer division
Source: Company, Angel Research
On the CRAMS front, the company generated sales of `142cr (vs `113.6cr in
2QFY2015), reporting a growth of 25.3% yoy.
OPM expands by 440bp yoy
On the operating front, the GPM came in at 66.0% V/s 60.2% in 2QFY2015,
leading the OPM to come in at 22.6% V/s 18.2% in 2QFY2015. The expansion in
the OPM was lesser than in the GPM owing to a significant rise in R&D
expenditure, which rose by 46.7% yoy. The R&D expenditure as a % of sales came
in at 7.3% V/s 5.7% in 2QFY2015. Gross margins improved on back of currency
benefits and improved sales mix.
October 30, 2015
3
Cadila Healthcare | 2QFY2016 Result Update
Exhibit 5: OPM trend
22.5
22.6
21.5
20.5
20.2
20.1
19.5
19.3
18.5
18.2
17.5
16.5
2QFY2015
3QFY2015
4QFY2015
1QFY2016
2QFY2016
Source: Company, Angel Research
Net profit up 40.7% yoy: The company posted an Adj. net profit of `391cr (V/s
`367cr expected) a yoy growth of 40.7%. The reported net profit came in at
`391cr V/s `278 in 2QFY2015, a yoy growth of 40.6%. Along with the expansion
in the OPM, an 85.4% yoy rise in other income aided net profit growth. Other
income during the quarter was at `109cr V/s `59 in 2QFY2015, which included a
one-time payment of `20.3cr received from its partner, for the sale of eight ANDAs
in the US.
Exhibit 6: Adjusted Net profit trend
450
391
400
368
352
352
350
300
278
250
200
150
100
50
0
2QFY2015
3QFY2015
4QFY2015
1QFY2016
2QFY2016
Source: Company, Angel Research
Concall takeaways
The Management is hopeful of resolving Moraiya facility Form
483
observations soon (by 3QFY2016), which would speed up product approvals
in the US.
The company filed 4 ANDAs and received 1 approval during this quarter.
There are 260+ ANDAs filed cumulatively till date of which 102 are approved
and 73 are being marketed actively (38 products filed in FY2015). Pending
ANDA filings stands at 160+, one of the largest among Indian companies.
October 30, 2015
4
Cadila Healthcare | 2QFY2016 Result Update
The Management had given a sales guidance of `10,000cr for FY2016 and
expects EBIDTA margin to improve to 21%+ levels, going forward.
R&D expenditure is expected to remain at 7-8% of sales in FY2016.
Tax rate as a % of PBT is expected to be around 22-24% in FY2016.
Capex is expected to be around `600cr in FY2016.
Recommendation rationale
Strong domestic portfolio: Cadila is the fifth largest player in the domestic market,
with sales of about `2,677cr in FY2015; the domestic market contributes ~44% to
its top-line. The company enjoys a leadership position in the CVS, GI, women
healthcare and respiratory segments, and has a sales force of 4,500 executives.
The company, on an aggressive front, launched more than 75 new products in
FY2014. During FY2009-14, the company reported a ~13% CAGR in its top-line
in the domestic formulation business.
Further, the company has a strong consumer division through its stake in Zydus
Wellness, which has premium brands such as Sugarfree, Everyuth and Nutralite,
under its umbrella. This segment which contributes ~5.9% of sales, registered a
growth of 3.1% yoy during FY2015.
Going forward, the company expects the segment to grow at an above-industry
rate on the back of new product launches and field force expansion. In FY2014,
sales were lower; however, FY2015 witnessed a rebound. During FY2015-17E, we
expect the domestic segment to grow at a CAGR of 15.0%.
Exports on a strong footing: Cadila has a two-fold focus on exports, wherein it is
targeting developed as well as emerging markets, which contributed around 50%
to its FY2015 top-line. The company has established a formidable presence in the
developed markets of US, Europe (France and Spain) and Japan. In the US, the
company achieved critical scale of `3,393cr on the sales front in FY2015. The
growth in exports to the US along with other regions like Europe would be driven
by new product launches, going forward. Overall, exports are expected to post a
CAGR of 20.0% over FY2015-17E.
Outlook and valuation
We expect Cadila’s net sales to post an 18.0% CAGR to `11,840cr and EPS to
report a 24.6% CAGR to `17.6 over FY2015-17E. We maintain our Neutral
rating on the stock.
October 30, 2015
5
Cadila Healthcare | 2QFY2016 Result Update
Exhibit 7: Key Assumptions
Key assumptions
FY2016E
FY2017E
Domestic growth (%)
15.0
17.0
Exports growth (%)
20.0
20.0
Growth in employee expenses (%)
24.1
15.8
Operating margins (excl tech. know-how fees) (%)
21.0
22.0
Capex (` cr)
650
650
Source: Company, Angel Research
Exhibit 8: One-year forward PE band
500
450
400
350
300
250
200
150
100
50
0
Price
7x
14x
21x
28x
Source: Company
Company background: Cadila Healthcare‘s operations range across API,
formulations, animal health products and cosmeceuticals. The group has global
operations spread across USA, Europe, Japan, Brazil, South Africa and 25 other
emerging markets. Having already achieved the US$1bn sales mark in 2011, the
company is estimated to achieve a sales mark of over US$3bn by 2015 and be a
research-driven pharmaceutical company by 2020.
Exhibit 9: Recommendation Summary
Company
Reco
CMP Tgt. price Upside
FY2017E
FY15-17E
FY2017E
(`)
(`)
% PE (x) EV/Sales (x) EV/EBITDA (x)
CAGR in EPS (%) RoCE (%) RoE (%)
Alembic Pharma
Neutral
664
-
-
27.8
4.0
19.7
26.2
31.5
31.8
Aurobindo Pharma
Neutral
846
-
19.4
3.1
13.5
16.3
23.4
30.2
Cadila Healthcare
Neutral
425
-
-
24.1
3.6
16.5
24.6
25.2
29.0
Cipla
Neutral
684
-
-
22.4
3.2
16.1
24.6
18.0
17.5
Dr Reddy's
Neutral
4,182
-
-
21.7
3.3
14.4
21.6
20.6
22.0
Dishman Pharma
Neutral
346
-
-
16.0
1.5
7.5
20.4
11.7
11.7
GSK Pharma*
Neutral
3,271
-
-
47.9
8.4
37.8
6.6
33.7
34.3
Indoco Remedies
Neutral
333
-
-
21.5
2.5
13.7
31.4
20.1
21.1
Ipca labs
Neutral
781
-
-
24.4
2.6
14.1
26.1
13.0
14.9
Lupin
Neutral
1,946
-
-
27.4
4.7
17.5
9.7
27.9
23.4
Sanofi India*
Neutral
4,262
-
-
28.1
3.6
17.4
33.1
27.9
25.5
Sun Pharma
Neutral
905
-
-
33.7
6.0
19.6
8.4
15.8
16.6
Source: Company, Angel Research; Note: *December year ending
October 30, 2015
6
Cadila Healthcare | 2QFY2016 Result Update
Profit & Loss statement (Consolidated)
Y/E March (` cr)
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
Gross sales
5,181
6,285
7,208
8,658
10,417
12,063
Less: Excise duty
91
129
148
161
193
223
Net sales
5,090
6,155
7,060
8,497
10,224
11,840
Other operating income
173
203
164
154
154
154
Total operating income
5,263
6,358
7,224
8,651
10,379
11,994
% chg
13.7
20.8
13.6
19.8
20.0
15.6
Total expenditure
4,179
5,232
6,024
6,896
8,073
9,229
Net raw materials
1,679
2,320
2,714
3,197
3,681
4,262
Other mfg costs
320
387
443
534
642
744
Personnel
751
903
1,071
1,209
1,500
1,737
Other
1,429
1,622
1,796
2,107
2,249
2,486
EBITDA
911
923
1,036
1,601
2,152
2,610
% chg
5.8
1.4
12.3
54.6
34.4
21.3
(% of Net Sales)
17.9
15.0
14.7
18.8
21.0
22.0
Depreciation& amortisation
158
183
201
287
304
373
EBIT
753
740
835
1,314
1,848
2,237
% chg
2.6
(1.7)
12.8
57.4
40.6
21.1
(% of Net Sales)
14.8
12.0
11.8
15.5
18.1
18.9
Interest & other charges
185
169
90
68
93
93
Other income
53
37
51
55
55
55
(% of PBT)
7
5
5
4
3
2
Recurring PBT
794
811
959
1,456
1,964
2,353
% chg
(5.7)
2.1
18.3
51.8
34.9
19.8
Extraordinary expense/(Inc.)
3
-
17
10
-
-
PBT (reported)
794
811
942
1,445
1,964
2,353
Tax
113.0
119.5
106.0
259.4
432.1
517.7
(% of PBT)
14.2
14.7
11.3
17.9
22.0
22.0
PAT (reported)
681
692
836
1,186
1,532
1,836
Less: Minority interest (MI)
28.6
36.4
32.6
35.5
35.5
35.5
PAT after MI (reported)
653
655
804
1,151
1,496
1,800
ADJ. PAT
650
655
819
1,159
1,496
1,800
% chg
(8.6)
0.8
25.0
41.5
29.1
20.3
(% of Net Sales)
12.8
10.6
11.4
13.5
14.6
15.2
Adj.Basic EPS (`)
6.3
6.4
8.0
11.3
14.6
17.6
Adj. Fully Diluted EPS (`)
6.3
6.4
8.0
11.3
14.6
17.6
% chg
(8.6)
0.8
25.0
41.5
29.1
20.3
October 30, 2015
7
Cadila Healthcare | 2QFY2016 Result Update
Balance Sheet (Consolidated)
Y/E March (` cr)
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
SOURCES OF FUNDS
Equity share capital
102
102
102
102
102
102
Reserves & Surplus
2,471
2,938
3,337
4,149
5,358
6,871
Shareholders funds
2,574
3,040
3,439
4,252
5,460
6,973
Minority interest
90
119
144
169
204
240
Total loans
2,289
2,681
2,265
2,334
2,334
2,334
Other Long Term Liabilities
43
47
55
43
44
45
Long Term Provisions
79
64
76
110
77
78
Deferred tax liability
119
100
96
59
120
121
Total liabilities
5,193
6,053
6,075
6,966
8,118
9,667
APPLICATION OF FUNDS
Gross block
3,008
4,104
3,756
4,353
5,003
5,653
Less: Acc. depreciation
1,175
1,358
1,540
1,827
2,132
2,504
Net block
1,833
2,746
2,214
2,526
2,871
3,148
Capital Work-in-Progress
484
248
892
892
892
892
Goodwill
1,015
862
908
733
733
733
Investments
24
21
87
154
154
154
Long Term Loans and Adv.
263
411
495
637
595
716
Current assets
2,760
3,191
3,391
4,105
5,642
7,230
Cash
467
582
549
670
1,684
2,699
Loans & advances
275
279
341
334
335
336
Other
2,019
2,330
2,501
3,102
3,623
4,195
Current liabilities
1,186
1,426
1,912
2,081
2,768
3,206
Net Current assets
1,574
1,765
1,480
2,024
2,873
4,024
Mis. Exp. not written off
-
-
-
-
-
-
Total assets
5,193
6,053
6,075
6,966
8,118
9,667
October 30, 2015
8
Cadila Healthcare | 2QFY2016 Result Update
Cash Flow Statement (Consolidated)
Y/E March (` cr)
FY2012 FY2013 FY2014 FY2015 FY2016E FY2017E
Profit before tax
794
811
942
1,445
1,964
2,353
Depreciation
158
183
201
287
304
373
(Inc)/Dec in Working Capital
(427)
(223)
168
(565)
207
(257)
Less: Other income
53
37
51
55
55
55
Direct taxes paid
113
119
106
259
432
518
Cash Flow from Operations
359
614
1,154
853
1,988
1,896
(Inc.)/Dec.in Fixed Assets
(743)
(860)
(296)
(597)
(650)
(650)
(Inc.)/Dec. in Investments
(4)
3
(65)
(68)
-
-
Other income
53
37
51
55
55
55
Cash Flow from Investing
(694)
(820)
(310)
(609)
(595)
(595)
Issue of Equity
-
-
-
-
-
-
Inc./(Dec.) in loans
1,238
382
(397)
91
(33)
2
Dividend Paid (Incl. Tax)
(175)
(175)
(216)
(287)
(287)
(287)
Others
(557)
115
(264)
74
(60)
(1)
Cash Flow from Financing
506
322
(877)
(122)
(380)
(286)
Inc./(Dec.) in Cash
171
116
(33)
121
1,013
1,015
Opening Cash balances
295
467
582
549
670
1,684
Closing Cash balances
467
582
549
670
1,684
2,699
October 30, 2015
9
Cadila Healthcare | 2QFY2016 Result Update
Key Ratios
Y/E March
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
Valuation Ratio (x)
P/E (on FDEPS)
66.9
66.3
53.1
37.5
29.1
24.1
P/CEPS
10.7
10.4
8.5
6.0
4.8
4.0
P/BV
16.9
14.3
12.6
10.2
8.0
6.2
Dividend yield (%)
1.8
1.8
1.8
1.8
1.8
1.8
EV/Sales
2.0
1.7
1.4
5.2
4.3
3.6
EV/EBITDA
11.4
11.4
9.7
27.8
20.2
16.3
EV / Total Assets
2.0
1.7
1.7
6.4
5.4
4.4
Per Share Data (`)
EPS (Basic)
6.3
6.4
8.0
11.3
14.6
17.6
EPS (fully diluted)
6.3
6.4
8.0
11.3
14.6
17.6
Cash EPS
39.5
41.0
49.9
70.8
88.1
106.3
DPS
7.5
7.5
7.5
7.5
7.5
7.5
Book Value
25.1
29.7
33.6
41.5
53.3
68.1
Dupont Analysis
EBIT margin
14.8
12.0
11.8
15.5
18.1
18.9
Tax retention ratio
85.8
85.3
88.7
82.1
78.0
78.0
Asset turnover (x)
1.3
1.2
1.3
1.5
1.6
1.8
ROIC (Post-tax)
16.8
12.8
13.8
18.6
23.0
26.4
Cost of Debt (Post Tax)
9.4
5.8
3.2
2.4
3.1
3.1
Leverage (x)
0.5
0.7
0.6
0.4
0.3
0.0
Operating ROE
20.8
17.7
20.1
25.8
28.1
27.2
Returns (%)
ROCE (Pre-tax)
17.3
13.2
13.8
20.2
24.5
25.2
Angel ROIC (Pre-tax)
27.2
19.5
20.6
31.3
39.0
44.1
ROE
27.4
23.3
25.3
30.1
30.8
29.0
Turnover ratios (x)
Asset Turnover (Gross Block)
2.0
1.8
1.8
2.1
2.2
2.3
Inventory / Sales (days)
66
66
69
61
71
79
Receivables (days)
57
54
57
57
58
64
Payables (days)
49
42
55
46
53
53
WC (ex-cash) (days)
64
66
53
48
45
38
Solvency ratios (x)
Net debt to equity
0.7
0.7
0.5
0.4
0.1
(0.1)
Net debt to EBITDA
2.0
2.3
1.7
1.0
0.3
(0.1)
Interest Coverage (EBIT / Int.)
4.1
4.4
9.3
19.4
19.8
24.0
October 30, 2015
10
Cadila Healthcare | 2QFY2016 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation /
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has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity
of the company covered by Analyst.
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Disclosure of Interest Statement
Cadila Healthcare
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
October 30, 2015
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