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Alembic Pharmaceuticals
For 2QFY2012, Alembic Pharmaceuticals’ results came in much ahead of
expectations. Sales came in at `398cr, reporting growth of 24% yoy, mainly
driven by 79% growth of international generics along with 10% growth in the
domestic formulation business. The domestic formulation business posted sales
of `226.92cr (`206.83cr in 2QFY2011, registering 10% yoy growth). The
company has maintained a market share of 1.86%. EBITDA margin came in at
15.2%, an expansion of 200bp yoy vis-à-vis 13.2%. This lead to 43% growth
in operating profit. Consequently, net profit grew by 51% yoy. At the CMP, the
stock is trading at 9.1x FY2012 and 7.6x FY2013E earnings. We maintain our
Buy view on the stock with a target price of `71.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Alembic Pharmaceuticals
For 2QFY2012, Alembic Pharmaceuticals’ results came in much ahead of
expectations. Sales came in at `398cr, reporting growth of 24% yoy, mainly
driven by 79% growth of international generics along with 10% growth in the
domestic formulation business. The domestic formulation business posted sales
of `226.92cr (`206.83cr in 2QFY2011, registering 10% yoy growth). The
company has maintained a market share of 1.86%. EBITDA margin came in at
15.2%, an expansion of 200bp yoy vis-à-vis 13.2%. This lead to 43% growth
in operating profit. Consequently, net profit grew by 51% yoy. At the CMP, the
stock is trading at 9.1x FY2012 and 7.6x FY2013E earnings. We maintain our
Buy view on the stock with a target price of `71.
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