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Alembic
For 3QFY2011, Alembic reported net sales of `365.2cr (`300.3cr), reporting strong growth
of 21.6% yoy, above our estimates of `321.4cr. Growth was backed by the domestic
formulation (up 20%, `184.2cr), domestic API (up 98.6%, `69cr) and export formulation (up
96.7%, `66.8cr) businesses; however, the export API business declined (down 37.2%,
`49.1cr). Gross margins increased to 51.9% (49.7%) for the quarter primarily on account of
higher proportion of the high-margin domestic formulation business. OPM increased to
15.9% (10.3%) for the quarter. Alembic reported net profit increase of 129.1% to `30.8cr
(`13.5cr), post the adjustment for the VRS outgo of `3.69cr for the quarter. The stock is
currently trading at 12.5x FY2011E and 10.9x FY2012E earnings. We maintain our
Accumulate rating on the stock with a Target Price of `74.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� �
Alembic
For 3QFY2011, Alembic reported net sales of `365.2cr (`300.3cr), reporting strong growth
of 21.6% yoy, above our estimates of `321.4cr. Growth was backed by the domestic
formulation (up 20%, `184.2cr), domestic API (up 98.6%, `69cr) and export formulation (up
96.7%, `66.8cr) businesses; however, the export API business declined (down 37.2%,
`49.1cr). Gross margins increased to 51.9% (49.7%) for the quarter primarily on account of
higher proportion of the high-margin domestic formulation business. OPM increased to
15.9% (10.3%) for the quarter. Alembic reported net profit increase of 129.1% to `30.8cr
(`13.5cr), post the adjustment for the VRS outgo of `3.69cr for the quarter. The stock is
currently trading at 12.5x FY2011E and 10.9x FY2012E earnings. We maintain our
Accumulate rating on the stock with a Target Price of `74.
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