Visit http://indiaer.blogspot.com/ for complete details Cadila Healthcare
Cadila Healthcare (Cadila) reported 2QFY2011 results, which were ahead of our
estimates. Net sales came in at `1,106cr (`913cr), up 21.2% yoy, driven by US (up 40.8%
yoy, `226cr), domestic formulation (up 19.1% yoy, `440cr), Zydus Wellness (up 23% yoy,
`80cr) and Latin America (up 27% yoy, `58cr). The company reported gross margins of
68.0% (66.9%) on the back of favourable product mix. Employee expenses increased
22.8% yoy to `137cr (`111cr). Cadila reported OPM of 21.2% (18.9%), which was higher
than our estimates of 20.5%. Financial cost went down 30.5% yoy to `16.0cr (`23cr), while
depreciation cost remained flat at `30cr. Cadila reported net profit of `171cr (`132cr), up
29.5% yoy. The stock is trading at 22.2x FY2011E and 17.2x FY2012E earnings. We
maintain our Neutral view on the stock.
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