Views on Sanofi India 4QCY2013 results - Angel Broking

Views of Ms. Sarabjit Kour Nangra (VP-Research, Pharma) on Sanofi India 4QCY2013 results:

"Sanofi India, posted numbers better than expected. Total sales came in at Rs. 461cr V/s Rs. 440cr expected a growth of 15.0%. The main surprise came in at operating front. The OPM's came in at 18.8% (12.5% expected) an expansion of 615bps yoy, mainly on back of the low rise in the employee and other expenses, which rose by 2.6% and 4.0% respectively. Also a 241bps yoy expansion in the GPM, also aided the OPM expansion. This aided the net profit front, to come in at Rs. 67.3cr V/s Rs. 46cr expected. We remain neutral on the stock."

Source : Equity Bulls

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