Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Research

| More

IPCA Laboratories - 1QFY2017 Result Update - Angel Broking

Posted On: 2016-08-16 20:43:07

For 1QFY2017, the company posted better than expected sales and OPM while the net profit missed our estimates. Sales came in at Rs. 822cr V/s Rs. 680cr expected and V/s Rs. 751cr in 1QFY2016, ie a yoy growth of 9.4%. Formulations (Rs. 620cr) posted a yoy growth of 15%, while API (Rs. 202cr) posted a yoy de-growth of 3%. On the operating front, the EBITDA margin came in at 13.1% V/s 9.6% expected, V/s 10.0% in 1QFY2016, and V/s 8.4% in 4QFY2016. Other income (Rs. 17.4cr) posted a yoy growth of 56.2%. Thus, the Adj. net profit came in at Rs. 48cr V/s Rs. 52cr expected and V/s Rs. 28cr in 1QFY2016, a yoy growth of 69.9%. We maintain our Buy on the stock.

Results better than expected on sales and operating fronts: Sales came in at Rs. 822cr V/s Rs. 680cr expected and V/s Rs. 751cr in 1QFY2016, ie a yoy growth of 9.4%. Formulations (Rs. 620cr) posted a yoy growth of 15%, while API (Rs. 202cr) posted a yoy de-growth of 3%. Domestic formulation sales (Rs. 345cr) posted a yoy growth of 9%, while exports formulation sales (Rs. 275cr) posted a yoy growth of 22%. Domestic API sales (Rs. 35cr) posted a de-growth of 37% yoy and exports API sales (Rs. 166cr) posted a growth of 9% yoy. On the operating front, the EBITDA margin came in at 13.1% V/s 9.6% expected, V/s 10.0% in 1QFY2016, and V/s 8.4% in 4QFY2016. Thus, the Adj. net profit came in at Rs. 48cr V/s Rs. 52cr expected and V/s Rs. 28cr in 1QFY2016, a yoy growth of 69.9%.

Outlook and Valuation: We expect net sales to post a 15.6% CAGR to Rs. 3,799cr, and EPS to register a 36.5% CAGR to Rs. 19.7 over FY2016–18E. The company's financials will be impacted by the USFDA import alert on the Ratlam, Indore and Silvassa facilities. While the problems are likely to persist for a while, we expect the company's performance to witness a gradual pick-up going forward. Given the inexpensive valuations, we maintain our Buy rating on the stock.

Shares of IPCA LABORATORIES LTD. was last trading in BSE at Rs.516.65 as compared to the previous close of Rs. 532.05. The total number of shares traded during the day was 45443 in over 1899 trades.

The stock hit an intraday high of Rs. 533.8 and intraday low of 512.1. The net turnover during the day was Rs. 23669017.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

Ajanta Pharma - Initiating Coverage - Arihant Capital Markets
Result Update: Indo Count Industries Ltd - BUY - TP Rs.135 - Kotak
Arihant Capital Markets - Ambuja Cement 4QCY17 Result Update - HOLD
Result Update: Bodal Chemicals Ltd - ACCUMULATE - TP Rs.164 - Kotak
Result Update: Mahindra & Mahindra - BUY - TP Rs.864 - Kotak
Result Update: The India Cements Ltd - BUY - TP Rs.195 - Kotak
Result Update: Sun TV Network Ltd - REDUCE - TP Rs.994 - Kotak
Result Update: Voltas Ltd - ACCUMULATE - TP Rs.648 - Kotak
Result Update: Oil India Ltd - ACCUMULATE - TP Rs.392 - Kotak
Result Update: Petronet LNG Ltd - BUY - TP Rs.285 - Kotak
Result Update: Carborundum Universal Ltd - BUY - TP Rs.418 - Kotak
Proposed opening of coal sector to private players: Angel Broking
Result Update: Vascon Engineers Ltd (VEL) - BUY - TP Rs.57 - Kotak
Initiating Coverage: HSIL Ltd - Angel Broking
Result Update: The Phoenix Mills Ltd - BUY - TP Rs.672 - Kotak
Result Update: Time Technoplast Ltd - BUY - TP Rs.214 - Kotak
Result Update: Shipping Corporation of India - BUY - TP Rs.110 - Kotak
Result Update: PNC Infratech Ltd - BUY - TP Rs.208 - Kotak
Result Update: KNR Constructions Ltd - ACCUMULATE - TP Rs.348 - Kotak
Result Update: NBCC (India) Ltd - ACCUMULATE - TP Rs.229 - Kotak
Result Update: Jindal Stainless Hisar Ltd - BUY - TP Rs.318 - Kotak
Result Update: NMDC Ltd - SELL - TP Rs.130 - Kotak
Result Update: Talbros Automotive Ltd - BUY - TP Rs.389 - Kotak
Result Update: Sterling Tools Ltd - ACCUMULATE - TP Rs.428 - Kotak
Result Update: FIEM Industries Ltd - BUY - TP Rs.1203 - Kotak
Management Meet Update: Escorts Ltd - BUY - TP Rs.1051 - Kotak
Result Update: GE Shipping Company - BUY - TP Rs.500 - Kotak
Result Update: Marico Ltd - ACCUMULATE - TP Rs.327 - Kotak
Result Update: Mahanagar Gas Ltd - ACCUMULATE - TP Rs.1084 - Kotak
Result Update: Wonderla Holidays Ltd - BUY - TP Rs.457 - Kotak
Result Update: Asian Granito India Ltd - BUY - TP Rs.705 - Kotak
Result Update: NALCO - BUY - TP Rs.100 - Kotak
Result Update: VA Tech Wabag Ltd - BUY - TP Rs.672 - Kotak
Result Update: Greaves Cotton Ltd - REDUCE - TP Rs.136 - Kotak
PNB's 11300 cr fraud will impact the asset quality: Angel Broking
Lambodhara Textiles Ltd Q3 net profit climbs to Rs. 3.46 crores
Result Update: GHCL Ltd - BUY - TP Rs.365 - Kotak
CHHOTA (to) Mota Ideas - Result Update: Eveready Industries India Ltd - BUY - TP Rs.530 - Kotak
Result Update: Tata Motors - BUY - TP Rs.477 - Kotak
Result Update: Bajaj Auto Ltd - BUY - TP Rs.3670 - Kotak
Views on Indoco Remedies Ltd 3QFY2018: Angel Broking
Government finally lays out a detailed roadmap for PSU banks: Angel Broking
Idea Cellular feels the pressure of Jio pricing in Q3: Angel Broking
Company Update: GHCL - BUY - TP Rs.365 - Kotak
Result Update: Zee Entertainment Exterprises Ltd - REDUCE - TP Rs.610 - Kotak
Result Update: Hindustan Unilever Ltd - ACCUMULATE - TP Rs.1520 - Kotak
Result Update: TV18 Broadcast Ltd - ACCUMULATE - TP Rs.67 - Kotak
Views on Wipro Limited 3QFY2018: Angel Broking
Yes Bank reports better than expected quarterly results: Angel Broking
Result Update: DB Corp Ltd - BUY - TP Rs.550 - Kotak


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018