Cadila Healthcare Results in-line; Maintain Accumulate ::Emkay

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Cadila Healthcare

Results in-line; Maintain Accumulate

ACCUMULATE

CMP: Rs 850                                        Target Price: Rs 920

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n     Robust revenue growth (up 43% YoY) and strong operating performance (up 20% YoY) resulted in 37% YoY growth in APAT

n     Strong revenue growth was driven by 49% growth in formulations exports, 23% growth in domestic formulation business and 22% in Consumer biz & 18% in API

n     Topline will grow by 20% CAGR and Earnings will grow by 22% CAGR over FY11-13

n     Based on fair visibility of growth in FY12 & FY13, we revise the target price upwards to Rs920 (earlier Rs847)