Dishman Pharma Ltd - Strong Operating Performance - Accumulate - Emkay

Reco: ACCUMULATE
CMP: Rs 70
Target Price: Rs 80

- Q1FY13 Results - Revenues at Rs3.16bn grew by 33% YoY, EBIDTA at Rs846mn grew by 89% YoY and PAT grew 153% YoY to Rs387mn

- Revenue growth was driven by 65% growth in the Carbogen Amcis and 51% growth in Marketable Molecules business

- Operating margins expanded 796bps YoY & 320bps QoQ to 27% led by research income of USD5mn and favorable currency

- On back of gradual recovery in CRAMS business, we expect 16% earnings CAGR over FY13/14E - maintain Accumulate with a target price of Rs80 (8x FY13 EPS)

Source : Equity Bulls

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