Views on Dishman Pharmaceuticals 3QFY2014 results - Angel Broking

Views of Ms. Sarabjit Kour Nangra (VP - Research - Pharma, Angel Broking) on Dishman Pharmaceuticals 3QFY2014 results:

"Dishman Pharmaceuticals for 3QFY2014, posted numbers, lower than expected both on the sales and net profit, except the OPM, which was slightly better than expected. For, 3QFY2014 the company posted net sales of Rs. 313.4cr, lower than the Rs. 370cr expected. The dip in the sales was on back of the CRAMS segment, which dipped by 1.9% yoy to end the period at Rs. 205cr, while the MM segment posted almost flat sales, which came in at Rs. 108.3cr.The OPM's, came in at 19.4% V/s expectations of 19.1% and a 123bps expansion yoy. The expansion in the margins came in on back of a 514bps expansion in the Gross profit margin and almost flat other expenditure. Thus, the net profits came in at Rs. 15.2cr V/s expected Rs. 20cr, a 7.5% yoy dip in net profit. We recommend a buy with a price target of Rs. 140."

Source : Equity Bulls

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