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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

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