Ipca Laboratories :: Booming export formulations – Maintain Buy :Emkay

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Ipca Laboratories Ltd

Booming export formulations – Maintain Buy

BUY

CMP: Rs328                                        Target Price: Rs409

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n     IPCA’s Q1FY12 results were in-line with a) Revenues at Rs5.3bn (up 27% YoY), b) EBITDA at Rs916mn (up 35% YoY) and c) RPAT at Rs617mn (up 59% YoY)

n     Revenue growth was driven by 36% growth in formulations. Growth in domestic formulations was below expectations at 12%

n     Going forward, growth will be led by malaria tender business in Africa and branded formulations business in CIS, Africa and Australia

n     Maintain Buy with a target of Rs409 (14xFY13 EPS)