Alembic Pharmaceuticals Ltd
20/11/2017 Result Updates
Alembic Pharma posted marginally lower than expected sales for 2QFY2018. In Rupee terms, revenues de-grew by 10.2% yoy to `789cr (`980cr expected) v/s. `879cr in 2QFY2017. International formulation came in at `262cr v/s. `352cr in 2QFY2017, a yoy dip of 26.0%. Indian formulation sales came in at `385cr v/s. `363cr in 2QFY2017, a yoy growth of 6.0%. On the operating front, EBITDA margin came in at 22.6% (15.4% expected) v/s. 20.3% in 2QFY2017, an expansion of 230bps yoy. Thus, PAT came in at `122cr (`108cr expected) v/s. `120cr in 2QFY2017, up 1.4% yoy. We recommend a Buy rating.
   Lupin Ltd
20/11/2017 Result Updates
For 2QFY2018, sales came in at `3,874cr (`4,000cr expected) v/s. `4,212cr in 2QFY2017, a yoy de-growth of 8.0%. On operating front, the EBITDA margins came in at 20.0% (19.6% expected) v/s. 22.5% in 2QFY2017, mainly on the back of lower than expected sales during the quarter & dip in the gross margins. Thus, the PAT came in at `455cr (`421cr expected) v/s. `662cr in 2QFY2017, a yoy de-growth of 31.3%. Tax rate during the quarter was 25.4% of PBT in 2QFY2017 V/s 19.2% of PBT in 2QFY2017. We maintain our Buy rating on the stock.
   Sanofi India Ltd
20/11/2017 Result Updates
For 3QCY2017, Sanofi India posted results which were above expectations on all fronts. The sales came in at `627cr v/s. `590cr expected, registering a yoy growth of 5.0%. On the operating front, the EBITDA margin came in at 22.8% (15.7% expected) v/s. 17.6% in 3QCY2016. GPM (Gross Profit Margin) was better at 50.5% v/s. 48.3% in 3QCY2016, whereas, the EBIDTA margin was higher, despite employee expenses rose by 3.5% yoy. Consequently, the Adj. PAT came in at `116cr v/s. `83cr in 3QCY2016, a yoy growth of 40.3%. This was against the expectations of `77cr. We maintain our Neutral rating.
   Aurobindo Pharma Ltd
20/11/2017 Result Updates
For 2QFY2018, Aurobindo Pharma (APL) posted numbers slightly higher than expected sales, OPM and net profit fronts. On sales front, the company posted sales of `4,354cr (v/s. `4,200cr expected) v/s. `3,715cr in 2QFY2017, a yoy growth of 17.3%. On the operating front, the EBITDA margin was almost flat at 23.8% (v/s. 25.4% expected) v/s. 23.4% in 2QFY2017. Consequently, the Adj. PAT came in at `781cr (v/s. `730cr expected) v/s. `606cr in 2QFY2017, a yoy growth of 29.0%. We maintain our Buy rating on the stock.
   Glaxosmithkline Pharmaceuticals Ltd
20/11/2017 Result Updates
GlaxoSmithKline Pharmaceuticals (GSK) posted better than expected results on sales and OPM fronts for 2QFY2018. The revenues came in at `836cr v/s. `800r expected, registering a yoy growth of 4.6%, mainly on the back of GST implementation. On the OPM front, the EBDITA margins came in at 23.0% (v/s. 15.3% expected) as compared to 17.6% in 2QFY2017, mainly driven by lower expenses during the quarter. The Adj. PAT came in at `127cr v/s. `99cr in 2QFY2017, a yoy growth of 28.5%. We recommend a Sell.
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