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Thread: Dishman Pharmaceuticals & Chemicals Ltd (NSE:DISHMAN) (BSE:532526)

  1. #1
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    Dishman Pharmaceuticals & Chemicals Ltd (NSE:DISHMAN) (BSE:532526)

    Dishman Pharmaceuticals and Chemicals Limited is an India-based global outsourcing partner for the pharmaceutical industry. The Company offers research, development and manufacturing services that include production and supply of Intermediates and generic Active Pharmaceutical Ingredients (APIs) to the global pharmaceutical industry. It operates in two segments: Contract Research & Contract Manufacturing (CRAMS), and Bulk Drugs, Intermediates, quaternary ammonium compounds (Quats), and Specialty Chemicals and outsourced/traded goods. It manufactures and supplies intermediates, fine chemicals, and various products for pharmaceutical, cosmetic and related industries. Its product portfolio includes APIs, High Potent APIs, Intermediates, Phase transfer catalysts, Vitamin D, Vitamin D analogues, Cholesterol, Lanolin-related products, and Antiseptic and disinfectant formulations.

    Official website: www.dishmangroup.com

  2. #2
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    For 4QFY2015, Dishman Pharmaceuticals and Chemicals (Dishman)ís results came in better than our expectations on the sales and net profit fronts. Sales grew 5.0% yoy to Rs421cr V/s an expected Rs386cr and V/s Rs401cr in 4QFY2014. Sales growth was driven by the MM segment (Rs143.6cr) which posted a yoy growth of 11.8%, while the CRAMS segment (Rs277.4cr) grew only by 1.8% yoy. On the operating front, the OPM came in at 17.3% (V/s an expected 19.5% and V/s 19.7% in 4QFY2014), a yoy dip of 244bp. The Adj net profit came in at Rs39cr (V/s an expected Rs27cr and V/s Rs23cr in 4QFY2014), a yoy growth of 71.6%. The Adj. net profit has come in higher than estimated owing to a higher other income, which came in at Rs76cr in 4QFY2015 V/s Rs26cr in 4QFY2014. We maintain our Buy rating on the stock with a price target of Rs189. Results lower than expected on OPM front: Sales grew 5.0% yoy to Rs421cr V/s an expected Rs386cr and V/s Rs401cr in 4QFY2014. Sales growth was driven by the MM segment (Rs143.6cr) which posted a yoy growth of 11.8%, while the CRAMS segment (Rs277.4cr) grew only by 1.8% yoy. On the operating front, the OPM came in at 17.3% (V/s an expected 19.5% and V/s 19.7% in 4QFY2014), a yoy dip of 244bp. The Adj net profit came in at Rs39cr (V/s an expected Rs27cr and V/s Rs23cr in 4QFY2014), a yoy growth of 71.6%. The Adj. net profit has come in higher than estimated owing to a higher other income, which came in at Rs76cr in 4QFY2015 V/s Rs26cr in 4QFY2014. Outlook and valuation: We expect Dishmanís net sales and net profit to grow at a CAGR of 10.0% and 20.4% over FY2015-17E. At current levels, Dishman is trading at 6.3xFY2017E earnings. We believe the current valuations are very attractive given the improving profitability; hence, we maintain our Buy.

    Source: http://www.angelbroking.com
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