Jubilant Life Sciences Growth momentum continues – Maintain Buy ::Emkay,

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Jubilant Life Sciences

Growth momentum continues – Maintain Buy

BUY

CMP: Rs200                                        Target Price: Rs359

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n     Jubilant’s Q2FY12 numbers were above expectations with Revenues at Rs10.5bn (up 22% YoY), EBITDA at Rs2.4bn (up 61% YoY) and APAT at Rs794mn (up 8% YoY)

n     Top-line growth and EBITDA margin expansion was primarily led by ramp-up in Cadista business & favorable impact of INR depreciation since company has no forward covers

n     Going forward, new capacity additions in pyridine & vitamin business, momentum in Cadista and +ve impact of currency depreciation will boost the top-line and the bottom-line

n     Maintain Buy with a target price of Rs359 (10xFY13E EV/EBITDA)