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Research
Dishman Pharmaceuticals - 2QFY2016 Result Update - Angel Broking
Posted On : 2015-11-27 21:35:23( TIMEZONE : IST )
For 2QFY2016, Dishman Pharmaceuticals and Chemicals (Dishman) posted lower than expected results on the sales front while a higher other income aided the net profit to come in marginally higher than expected. Sales for 2QFY2016 declined 4.8% yoy to Rs. 374cr V/s an expected Rs. 429cr and V/s Rs. 392cr in 2QFY2015. The CRAMS segment (Rs. 269.6cr) posted a decline of 4.1% while the other segment (Rs. 103.9cr) posted a dip of 6.4% yoy. On the operating front, the GPM came in at 75.8% V/s 72.3% expected and V/s 69.7% in 2QFY2015.
However, in spite of the same, the OPM came in at 22.5% V/s 22.0% expected and V/s 20.5% in 2QFY2015. The net profit consequently came in at Rs. 36.5cr V/s Rs. 35.6cr expected and V/s Rs. 33.4cr in 2QFY2015, a yoy growth of 9.4%. The other income during the period came in at Rs. 15.1cr V/s Rs. 7.8cr in 2QFY2015. We maintain our Neutral stance on the stock.
Results lower than expected on the sales front: Sales for 2QFY2016 declined 4.8% yoy to Rs. 374cr V/s an expected Rs. 429cr and V/s Rs. 392cr in 2QFY2015. The CRAMS segment (Rs. 269.6cr) posted a decline of 4.1% while the other segment (Rs. 103.9cr) posted a dip of 6.4% yoy. On the operating front, the GPM came in at 75.8% V/s 72.3% expected and V/s 69.7% in 2QFY2015. However, in spite of the same, the OPM came in at 22.5% V/s 22.0% expected and V/s 20.5% in 2QFY2015. The net profit consequently came in at Rs. 36.5cr V/s Rs. 35.6cr expected and V/s Rs. 33.4cr in 2QFY2015, a yoy growth of 9.4%. The other income during the period came in at Rs. 15.1cr V/s Rs. 7.8cr in 2QFY2015.
Outlook and valuation: We expect Dishman's net sales and net profit to grow at a CAGR of 10.0% and 15.9%, respectively, over FY2015-17E. At current levels, Dishman is trading at 16.5x its FY2017E earnings. We believe the current valuations are fair, discounting the recovery well; hence, we maintain our Neutral rating on the stock.
Shares of DISHMAN PHARMACEUTICALS & CHEMICALS LTD. was last trading in BSE at Rs.309.65 as compared to the previous close of Rs. 319.8. The total number of shares traded during the day was 259042 in over 5534 trades.
The stock hit an intraday high of Rs. 322.8 and intraday low of 307.65. The net turnover during the day was Rs. 80923419.
