Sanofi India posted results and are below expectations on all fronts. The sales came in at Rs583cr vs. Rs600cr expected, posting a yoy growth of 5.4%. According to AIOCD, secondary sales, growth for Sanofi India was double digit. According to AIOCD, regulatory actions will have negative one-time impact of ~2% on sales of the company. We expect revenue growth to sustain in the coming quarters with improvement in volumes.On the operating front, the EBITDA margin came in at 17.8% vs. 19.0% expected and 19.7% in 3QCY2015. Consequently, the Adj. PAT came in at Rs81cr vs. Rs73cr in 3QCY2015, a yoy growth of 11.9%. This was against the expectations of Rs94cr. We maintain our Neutral rating on the stock.
Download Full Report View Full Report in BrowserPlease Wait...
Please Wait...
Please Wait...
Please Wait...
Please Wait...
Please Wait...
Please Wait...
Please Wait...
Please Wait...
Please Wait...
Please Wait...
Please Wait...