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SMR
08-19-2015, 06:02 AM
Cadila Healthcare Limited is an India-based pharmaceutical company. The Company is engaged in the business of manufacturing and marketing of pharmaceutical products, both active pharmaceutical ingredients and finished dosage formulations. The Company has a presence in India and several other generic markets across the world. The Company is also engaged in new drug discovery research and other technology products, such as transdermals, biosimilars and generic product development activities. The Company has a range of specialty products for companion animals through a separate division Petz to focus on growing pet care needs. The Company’s subsidiaries include Dialforhealth India Limited, Dialforhealth Unity Limited, Dialforhealth Greencross Limited, German Remedies Limited, Zydus Wellness Limited, Zydus Technologies Limited, Biochem Pharmaceutical Industries Limited, Zydus Lanka (Private) Limited and Zydus BSV.

Official Website: www.cadilapharma.com

SMR
08-19-2015, 06:03 AM
For 1QFY2016, Cadila Healthcare (Cadila) posted results lower than expected. The company posted sales of Rs2,378cr (V/s an expected Rs2,451cr), a yoy growth of 17.7%, driven by exports. Domestic formulations (Rs742cr) grew by 9.9% yoy, while exports (Rs1,249cr) grew by 27.9% yoy. On the operating front, the gross margin came in at 64.3% V/s 64.2% expected and V/s 59.7% in 1QFY2015. The OPM came in at 20.1% (V/s 20.5% expected), a yoy expansion of 304bp. The company posted an Adj net profit of Rs352cr for the quarter (V/s Rs372cr expected), a yoy growth of 50.1%. We recommend a Neutral rating on the stock. Results lower than expected: The company posted sales of Rs2,378cr for the quarter (V/s Rs2,451cr expected) a yoy growth of 17.7%, driven by exports. Domestic formulations (Rs742cr) grew by 9.9% yoy, while exports (Rs1,249cr) grew by 27.9% yoy. The key export markets to post a robust growth were the US (37.5% yoy growth), and Emerging Markets Formulations (19.5% yoy growth). On the operating front, the gross margins came in 64.3% V/s 64.2% expected and V/s 59.7% in 1QFY2015. The OPM came in at 20.1% (V/s 20.5% expected), a yoy expansion of 304bp. The company posted an Adj. net profit of Rs352cr (V/s Rs372cr expected), a yoy growth of 50.1%. Outlook and valuation: We expect Cadila’s net sales to post an 18.0% CAGR to Rs11,840cr and EPS to report a 23.0% CAGR to Rs85.6 over FY2015–17E. We maintain our Neutral rating on the stock.

Source: http://www.angelbroking.com/