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1QFY2012 Results Previews
Cipla
For 1QFY2012, Cipla is expected to post net sales growth of 15.5% yoy to `1,649cr,
driven by domestic as well as exports performance. OPM (excluding technical know-how
fees) is expected to come in flat at 20.8% due to lower other expenses. Further, net profit is
expected to increase by 9.3% yoy to `281.5cr. At the CMP, the stock trades at 20x
FY2012E and 16.0x FY2013E earnings, respectively. We maintain our Buy
recommendation on the stock with a target price of `377.
Ranbaxy Labs
Ranbaxy Labs’ net sales are expected to remain flat at `2,143cr during 2QCY2011. The
company's gross profit margin is expected to remain flat, leading to margin of 17.4%. At
the CMP, the stock trades at 18.9x CY2011E and 11.9x CY2012E earnings. We remain
Neutral on the stock.
Bosch – 2QCY2011
Bosch is slated to announce its 2QCY2011 results. We expect the company to deliver
16.5% yoy growth in its revenue to `1,930cr for the quarter. On the operating front, the
company is expected to post a marginal 19bp yoy decline in its operating profit margin to
18.6%. Net profit is expected to register an 18.7% yoy increase to `249cr. The stock rating
is under review.
MOIL
MOIL is slated to report its 1QFY2012. We expect net sales to decline by 35.4% yoy to
`227cr mainly on account of a sharp decline in manganese ore prices. EBITDA margin is
expected to contract by 1,333bp yoy to 57.7% in 1QFY2012. Net profit is expected to
decrease by 43.0% yoy to `104cr. We maintain our Neutral view on the stock.
Aurobindo Pharma
For 1QFY2012, Aurobindo Pharma (APL) is expected to post net sales growth of 9.5% yoy,
led by formulation exports. With improved gross margin for the period, strong growth of
253bp yoy is expected in the company's OPM at 17.6% for the quarter. Overall, net profit
is expected to rise by 26.2% yoy on the back of improvement in operating profit. At the
CMP, the stock trades at 10.6x FY2012E and 8.6x FY2013E earnings. We maintain our
Buy recommendation on the stock with a target price of `278.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
1QFY2012 Results Previews
Cipla
For 1QFY2012, Cipla is expected to post net sales growth of 15.5% yoy to `1,649cr,
driven by domestic as well as exports performance. OPM (excluding technical know-how
fees) is expected to come in flat at 20.8% due to lower other expenses. Further, net profit is
expected to increase by 9.3% yoy to `281.5cr. At the CMP, the stock trades at 20x
FY2012E and 16.0x FY2013E earnings, respectively. We maintain our Buy
recommendation on the stock with a target price of `377.
Ranbaxy Labs
Ranbaxy Labs’ net sales are expected to remain flat at `2,143cr during 2QCY2011. The
company's gross profit margin is expected to remain flat, leading to margin of 17.4%. At
the CMP, the stock trades at 18.9x CY2011E and 11.9x CY2012E earnings. We remain
Neutral on the stock.
Bosch – 2QCY2011
Bosch is slated to announce its 2QCY2011 results. We expect the company to deliver
16.5% yoy growth in its revenue to `1,930cr for the quarter. On the operating front, the
company is expected to post a marginal 19bp yoy decline in its operating profit margin to
18.6%. Net profit is expected to register an 18.7% yoy increase to `249cr. The stock rating
is under review.
MOIL
MOIL is slated to report its 1QFY2012. We expect net sales to decline by 35.4% yoy to
`227cr mainly on account of a sharp decline in manganese ore prices. EBITDA margin is
expected to contract by 1,333bp yoy to 57.7% in 1QFY2012. Net profit is expected to
decrease by 43.0% yoy to `104cr. We maintain our Neutral view on the stock.
Aurobindo Pharma
For 1QFY2012, Aurobindo Pharma (APL) is expected to post net sales growth of 9.5% yoy,
led by formulation exports. With improved gross margin for the period, strong growth of
253bp yoy is expected in the company's OPM at 17.6% for the quarter. Overall, net profit
is expected to rise by 26.2% yoy on the back of improvement in operating profit. At the
CMP, the stock trades at 10.6x FY2012E and 8.6x FY2013E earnings. We maintain our
Buy recommendation on the stock with a target price of `278.
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