Ipca Laboratories Ltd Rocking Performance – Maintain Buy :Emkay,

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Ipca Laboratories Ltd

Rocking Performance – Maintain Buy

BUY

CMP: Rs254                                        Target Price: Rs392

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n     IPCA’s Q2FY12 results were above expectations with a) Revenues at Rs6.2bn (up 20% YoY), b) EBITDA at Rs1.5bn (up 34% YoY) and c) APAT at Rs1bn (up 61% YoY)

n     Loss of anti-malarial sales in domestic market was more than compensated by institutional anti-malarial sales in African market

n     Management has guided for 20% growth in top-line in H2FY12 and 1% improvement in overall EBITDA margins in FY12

n     Maintain Buy with a target of Rs392 (14xFY13 EPS)