2025-11-12 00:31:33
Latest Post
Jyoti CNC Automation Ltd Q2 FY2025-26 consolidated profit higher at Rs. 85.50 crores
Aarti Pharmalabs Ltd Q2FY26 consolidated net profit slides to Rs. 27.92 crores
Menon Pistons Ltd consolidated Q2FY26 PAT at Rs. 6.94 crores
Gujarat Alkalies and Chemicals Ltd announces Q2FY26 results
Havells India Ltd enters into settlement agreement with HPL Group
Research
Cadila Healthcare - 2QFY2016 Result Update - Angel Broking
Posted On : 2015-10-30 20:27:06( TIMEZONE : IST )
For 2QFY2016, Cadila Healthcare (Cadila) posted better than expected on the OPM front. Sales came in at Rs. 2,374cr (V/s our estimate of Rs. 2,500cr), a yoy growth of 15.0%. In terms of geographies, US, India and Emerging Markets grew by 25.2%, 10.3% and 34.9% yoy, respectively. On the operating front, the GPM came in at 66.0% V/s 60.2% in 2QFY2015, leading the OPM to come in at 22.6% V/s 18.2% in 2QFY2015. This was against our expectation of an OPM of 20.3%. The expansion in the OPM was lesser than in the GPM owing to a significant rise in R&D expenditure, which rose by 46.7% yoy. Thus, the net profit came in at Rs. 391cr (V/s our estimate of Rs. 367cr), ie a yoy growth of 40.7%. We maintain our Neutral stance on the stock.
Results better than expected at the OPM level: The company posted better than expected results on the OPM front, for the quarter. Sales came in at Rs. 2,374cr (V/s our estimate of Rs. 2,500cr), a yoy growth of 15.0%. In terms of geographies, US, India and Emerging Markets grew by 25.2%, 10.3% and 34.9% yoy, respectively. On the operating front, the GPM came in at 66.0% V/s 60.2% in 2QFY2015, leading the OPM to come in at 22.6% V/s 18.2% in 2QFY2015. This was against our expectation of an OPM of 20.3%. The expansion in the OPM was lesser than in the GPM owing to a significant rise in R&D expenditure, which rose by 46.7% yoy. The R&D expenditure as a % of sales came in at 7.3% V/s 5.7% in 2QFY2015. This led the net profit to come in at Rs. 391cr (V/s our estimate of Rs. 367cr), a yoy growth of 40.7%.
Outlook and valuation: We expect Cadila's net sales to post an 18.0% CAGR to Rs. 11,840cr and EPS to report a 24.6% CAGR to Rs. 17.6 over FY2015-17E. We maintain our Neutral rating on the stock.
Shares of CADILA HEALTHCARE LTD. was last trading in BSE at Rs.416.4 as compared to the previous close of Rs. 417.4. The total number of shares traded during the day was 172410 in over 6087 trades.
The stock hit an intraday high of Rs. 424.9 and intraday low of 390. The net turnover during the day was Rs. 71585339.
