Visit http://indiaer.blogspot.com/ for complete details Ipca Laboratories Ltd |
In-line; maintain Buy |
BUY
CMP: Rs 298 Target Price: Rs 336
n Robust revenue growth (up 20% YoY) and strong operating performance (up by 16%) resulted in 13% growth in APAT
n Strong revenue growth was driven by 29% growth in domestic formulation business and 27% growth in the exports formulations business
n High employee and SGA cost impacted operating performance of the company
n Addition in the field force has impacted short term profitability but long term growth visibility remains intact; maintain earnings and Buy rating
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