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Alembic Pharma - 2QFY2016 Result Update - Angel Broking
Posted On : 2015-11-11 04:56:56( TIMEZONE : IST )
For 2QFY2016, Alembic Pharmaceuticals (Alembic Pharma) posted numbers well ahead of our expectations. It posted an 84.5% yoy growth in sales to end the period at Rs. 1,008cr V/s Rs. 750cr expected. On the operating front, the OPM came in at 37.2% V/s 27.8% expected and V/s 19.5% in 2QFY2015. R&D expenditure during the quarter was 9.4% of sales V/s 13.0% of sales in 2QFY2015. The net profit consequently came in at Rs. 289cr V/s Rs. 177.3cr expected and V/s Rs. 77.3cr in 2QFY2015, a yoy growth of 273.4%. We maintain our Neutral rating on the stock, considering the fuller valuations.
Results better than expectations: For 2QFY2016, the company posted numbers well ahead of our expectations. It posted an 84.5% yoy growth in sales to end the period at Rs. 1,008cr V/s Rs. 750cr expected. This was primarily driven by gAbilify's launch in the US. Overall formulations were 84% of sales in 2QFY2016, with international generic accounting for 45% of sales and Indian branded accounting for 34% of sales. International generics (Rs. 559.3cr) posted a sales growth of 342% yoy. The Indian formulation branded sales (Rs. 2,846cr) posted a sales growth of 3.3% yoy. The API business posted a yoy growth of 43% yoy. On the operating front, the OPM came in at 37.2% V/s 27.8% expected and V/s 19.5% in 2QFY2015. R&D expenditure during the quarter was 9.4% of sales V/s 13.0% of sales in 2QFY2015. The net profit consequently came in at Rs. 289cr V/s Rs. 177.3cr expected and V/s Rs. 77.3cr in 2QFY2015, a yoy growth of 273.4%.
Outlook and valuation: Alembic Pharma's growth and profitability profile has improved post the restructuring carried out by the Management. Over FY2015-17E, we expect the company to post a CAGR of 23.1% and 26.1% in sales and net profit, respectively. We recommend a Neutral rating on the stock.
Shares of ALEMBIC PHARMACEUTICALS LTD. was last trading in BSE at Rs.668.05 as compared to the previous close of Rs. 673.35. The total number of shares traded during the day was 37641 in over 987 trades.
The stock hit an intraday high of Rs. 675.8 and intraday low of 666. The net turnover during the day was Rs. 25279358.
