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Alembic Pharma - 3QFY2016 Result Update - Angel Broking
Posted On : 2016-02-06 22:19:13( TIMEZONE : IST )
Alembic Pharmaceuticals (Alembic Pharma) posted better-than-expected results for 3QFY2016. It posted an 81.8% yoy growth in sales for the quarter to Rs. 921cr V/s Rs. 507cr in 3QFY2015 (and V/s an expected Rs. 700cr). Sales growth was mainly driven by the international business, which posted a 248% yoy growth, while the Indian branded formulation business posted a 15% yoy growth. Consequently, on the operating front, the EBITDA margin came in at 41.7% V/s 20.1% in 3QFY2015 (and V/s an expected 27.5%). The same was aided by gross margin expansion, which came in at 77.6% V/s 65.6% in 3QFY2015. The R&D expenditure during the quarter was 7.6% of sales V/s 6.0% of sales in 3QFY2015.
Thus, the PAT came in at Rs. 269cr V/s Rs. 71cr in 3QFY2015 (and V/s an expected Rs. 160cr), a yoy growth of 281.4%. We maintain our Neutral rating on the stock considering fuller valuations.
Results better than expectations: Alembic Pharma posted better-than-expected results for 3QFY2016. It posted an 81.8% yoy growth in sales for the quarter to Rs. 921cr V/s Rs. 507cr in 3QFY2015 (and V/s an expected Rs. 700cr). Sales growth was mainly driven by the international business, which posted a 248% yoy growth, while the Indian branded formulation business posted a 15% yoy growth. Consequently, on the operating front, the EBITDA margin came in at 41.7% V/s 20.1% in 3QFY2015 (and V/s an expected 27.5%). The same was aided by gross margin expansion, which came in at 77.6% V/s 65.6% in 3QFY2015. The R&D expenditure during the quarter was 7.6% of sales V/s 6.0% of sales in 3QFY2015. Thus, the PAT came in at Rs. 269cr V/s Rs. 71cr in 3QFY2015 (and V/s an expected Rs. 160cr), a yoy growth of 281.4%.
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 36.1% and 38.2% 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.596.55 as compared to the previous close of Rs. 633.1. The total number of shares traded during the day was 141403 in over 7723 trades.
The stock hit an intraday high of Rs. 633.2 and intraday low of 514.35. The net turnover during the day was Rs. 81131746.
