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Dishman Pharmaceuticals - 1QFY2017 Result Update - Angel Broking

Posted On: 2016-08-18 20:04:26

The company posted better than expected results for 1QFY2017 with sales at Rs. 366cr V/s Rs. 350cr expected and V/s Rs. 400cr in 1QFY2016, a yoy de-growth of 8.5%. CRAMS (Rs. 258cr) posted a growth of 2.3% yoy and the Market Molecules other segment (Rs. 108cr) posted de-growth of 26.9% yoy. On the operating front, the EBITDA margin came in at 25.3% V/s 20.9% expected and V/s 25.4% in 1QFY2016. Thus, the Adj. net profit came in at Rs. 46cr V/s Rs. 32cr expected and V/s Rs. 40cr in 1QFY2016, a yoy growth of 13.7%. We recommend a SELL.

Results better than expected on all fronts: Company posted better than expected results for 1QFY2017 with sales at Rs. 366cr V/s Rs. 350cr expected and V/s Rs. 400cr in 1QFY2016, a yoy de-growth of 8.5%. CRAMS (Rs. 258cr) posted a growth of 2.3% yoy and Market Molecules (Rs. 108cr) posted de-growth of 26.9% yoy. Within CRAMS, Carbogen Amcis (Rs. 202.3cr) posted a yoy growth of 14.3%, CRAMS India (Rs. 42.1cr) posted de-growth of 37.0% and CRAMS UK (Rs. 13.5cr) posted a yoy growth of 62.4%. Market Molecules declined on back of Vitamin D (Rs. 62.6cr; a yoy de-growth of 28.4%), while the other segment (Rs. 45.7cr) posted a yoy degrowth of 24.8%. On the operating front, the EBITDA margin came in at 25.3% V/s 20.9% expected and V/s 25.4% in 1QFY2016. Thus, the Adj. net profit came in at Rs. 46cr V/s Rs. 32cr expected and V/s Rs. 40cr in 1QFY2016, a yoy growth of 13.7%

Outlook and valuation: We expect Dishman's net sales and net profit to grow at a CAGR of 10.0% and 3.1%, respectively, over FY2016-18E. At current levels, Dishman is trading at 15.1x its FY2018E earnings. We believe the current valuations are expensive, given the restrained growth and low profitability; hence, we maintain our SELL rating on the stock.

Shares of DISHMAN PHARMACEUTICALS & CHEMICALS LTD. was last trading in BSE at Rs.174 as compared to the previous close of Rs. 170.15. The total number of shares traded during the day was 191911 in over 3196 trades.

The stock hit an intraday high of Rs. 175 and intraday low of 170.1. The net turnover during the day was Rs. 33245415.


Source: Equity Bulls

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