IPCA Laboratories - 4QFY2013 Result Review - Angel Broking

IPCA Labs, reported numbers below expectations. On the sales front, Ipca Laboratories' top-line grew by 18.9% to Rs. 659cr for 4QFY2013 V/s expectations of Rs. 770cr.The OPM came in at 16.3% V/s 18.7% during the last corresponding period. Thus, the net profit declined by 1.5% yoy to end period Rs. 75.4cr.

We maintain accumulate on the stock with a target of 676.

Source : Equity Bulls

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