Published on 12/08/2017 11:36:40 AM | Source: Angel Broking Pvt Ltd

We maintain our Sell rating on Cadila Healthcare Ltd 1QFY2018 Results - Angel Broking

Posted in Expert Views | #Cadila Healthcare Ltd #Expert Views #Pharma Sector #Quarterly Result #Angel Broking Pvt Ltd #Sarabjit Kour Nangra


Below is the View On Cadila Healthcare Ltd 1QFY2018 Results by Ms. Sarabjit Kour Nangra (VP Research- Pharma, Angel Broking):  

“Cadila Healthcare posted poor set of numbers, sales came in at INR 2,136cr V/s INR 2,216cr expected V/s INR 2,500cr in 1QFY2017, a YoY de-growth of 3.6%, mainly driven by the Indian formulation sales dip. Indian formulation sales (INR 637.4cr), a YoY dip of 18.9%. Its key market USA (INR 965cr), 13.8% YoY growth. On operating front, the EBITDA margins came in at 10.1% V/s 18.4% expected V/s 20.4% in 1QFY2017, mainly on back of lower than expected sales during the quarter and a 20.0% and 25.3% rise in the employee and R&D expenses respectively. Gross margins came in at 61.2% V/s 65.1% in 1QFY2017; while R&D expenses were 9.5% of sales in 1QFY2018 V/s 7.3% of sales in 1QFY2017. Thus, the PAT came in at INR 138 cr V/s INR 492cr expected V/s INR 355cr in 1QFY2017. We maintain our SELL rating on the stock, with a price target of INR 426.”

 

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