Please refer to important disclosures at the end of this report
Sanofi India (60% subsidiary of Sanofi Aventis, France) is the fifth largest MNC
players and has built a robust franchise in chronic therapies like anti-diabetes,
oncology and CVS. Sanofi has a strong marketing presence in India, the strateg
to aggressively invest in growth and with strong presence in fast growing
segments (diabetes and CVS) make Sanofi one of the more promising MNC
pharma companies in India. Some top products such as Lantus, Insuman,
Combiflam and line extensions of Amaryl, continue to do well. About 25% of the
company’s domestic portfolio is already under price control. Further, MNC like
Sanofi have demonstrated significant flexibility, as pickup in volume growth post
price reduction has partially or in some cases to a large extent compensate the
price cuts in a short period of time. The company has maintained a strong
operating cash flow above `200cr+ from the last 5 years.
ith margin
expansion to continue aided by better cost management and growing revenues.
The Company is debt free and has been maintaining a healthy dividend payout
of 41.98% (Div. Yield: 1.51%). The company has reported a healthy RoE of 15%
for the last 3 years. Hence Buy.
CMP `4,301
Stock Info
Bloomberg Code
Shareholding Pattern (%)
Promoters 60.4
MF / Banks / Indian Fls 18.7
FII / NRIs / OCBs 15.5
Indian Public / Others 5.4
Abs. (%) 3m 1yr 3yr
Sensex 8.2 17.6 32.0
Sanofi India (1.4) (2.3) 59.2
Reuters Code SANO.BO
BSE Sensex 28,946
Nifty 8,935
Face Value (
Market Cap (
cr) 9,906
52 Week High / Low 4770/3850
Avg. Daily Volume 2,061
Vaibhav Agrawal
022 – 3935 7800 Ext: 6808
Sanofi India
Others | Pharmaceuticals
March 14, 2017
Sanofi India | Pharmaceuticals
March 14, 2017
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website:
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Disclosure of Interest Statement Sanofi India
1. Financial interest of research analyst or Angel or his Associate or his relative No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives No
3. Served as an officer, director or employee of the company covered under Research No
4. Broking relationship with company covered under Research No
Ratings (Based on expected returns Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
over 12 months investment
: Reduce
-5% to -15%
< -15