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Aventis Pharma - 1QCY2011
For 1QCY2011, Aventis Pharma’s net sales came in at `276cr (`251cr), growth of 10%, in
line with our estimates of `277cr. Domestic markets contributed around 79% of the total
revenue, reporting growth of 12.6% over the previous year; remaining growth came from
the export front, which remained flat during the quarter. Gross margin came in at 50.7%
(49.8%) yoy, in line with our estimates. Consequently, OPM came in at 15.7% (14.5%),
higher than our estimates of 15.3%. The company reported net profit of `50.6cr (`36.1cr)
yoy, an increase of 40.2%, higher than our estimates of `40.5cr. The stock is currently
trading at 23.4x CY2011E and 22.2x CY2012E earnings, respectively. We maintain our
estimates and remain Neutral on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Aventis Pharma - 1QCY2011
For 1QCY2011, Aventis Pharma’s net sales came in at `276cr (`251cr), growth of 10%, in
line with our estimates of `277cr. Domestic markets contributed around 79% of the total
revenue, reporting growth of 12.6% over the previous year; remaining growth came from
the export front, which remained flat during the quarter. Gross margin came in at 50.7%
(49.8%) yoy, in line with our estimates. Consequently, OPM came in at 15.7% (14.5%),
higher than our estimates of 15.3%. The company reported net profit of `50.6cr (`36.1cr)
yoy, an increase of 40.2%, higher than our estimates of `40.5cr. The stock is currently
trading at 23.4x CY2011E and 22.2x CY2012E earnings, respectively. We maintain our
estimates and remain Neutral on the stock.
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