Cadila Healthcare Ltd - India & US to drive growth momentum - Buy - Emkay

Reco: BUY
CMP: Rs 907
Target Price: Rs 940

- Q1FY13 Results - Revenues at Rs15.5bn (up 24% YoY), EBITDA at Rs3.4bn (up 17% YoY) & APAT at Rs2.04bn (up 12% YoY).

- Revenues were driven by 27% growth in India, 24% growth in US & 40% in Brazil in constant currency terms.

- Adjusting for one-offs, EBIDTA margins improved 138bps YoY and 185bps QoQ to 22.1% on back of currency benefit.

- Going forward, strong growth in domestic biz & recently approved Injectable facility will drive earnings. Maintain Buy with a target price of Rs940 (20xFY14 EPS of Rs47).

Source : Equity Bulls

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