Dear All,
Forwarding you the Result Flash on Cadila for 4QFY2011 with an Accumulate recommendation and a Target Price of `972 (12 months).
4QFY2011 Financials Snapshot:
| Y/E March (Rs cr) | 4QFY2011 | 3QFY2011 | % chg (qoq) | 4QFY2010 | % chg (yoy) |
| Net sales | 1,169 | 1135 | 3.0 | 816 | 43.2 |
| Other income | 48 | 35 | 35.4 | 36 | 33.3 |
| Gross profit | 731 | 777 | (6.0) | 525 | 39.1 |
| Operating profit | 184 | 224 | (18.0) | 159 | 15.7 |
| Net profit | 179 | 162 | 10.5 | 119 | 50.7 |
4QFY2011 Financials Actuals v/s Estimates
| `cr | Actual | Estimates | Variance |
| Net Sales | 1,169 | 1,012 | 15.5 |
| Other income | 48 | 36 | 33.1 |
| Operating profit | 184 | 200 | (8.3) |
| Tax | 10 | 27 | (61.3) |
| Net profit | 179 | 148 | 21.2 |
4QFY2011 Consolidated Financial Result Highlights-
· The Net Sales for the quarter under review for the company stood at `1169cr (`816cr) an increase of 43.2% yoy, higher than our estimates of `1,012 cr. The domestic and exports sales increased by 23.2% and 63.9% respectively.
· The gross margins came in at 62.5% (64.4%) during the quarter. Consequently, the OPM decreased to 15.7% (19.4%), due to the higher employee cost which increased by 77% yoy to `195.2cr (`110.3cr). The R&D expenses during the quarter increased by 88.6% to `69.8cr (`37cr).
· The Net Profit increased by 50.7% at `179cr (`119cr), higher than estimates of `147.6cr during the quarter.
· For the full year, the net sales increased by 24.9% to `4464.7cr (`3574.2cr). The domestic and exports sales increased by 19.2% and 31.2% respectively. The OPM came in at 19.3% (19.5%). The net profit increased by 40.8% to `711 (`505.1cr).
The stock is currently trading at 21.4x FY2012E and 17.5x FY2013E earnings. We maintain Accumulate on the stock with the Target price of Rs 972.
4QFY2011 Consolidated Financial Performance:
| Exhibit 2: 4QFY2011 Performance (Consolidated) | ||||||||
| Y/E March (` cr) | 4QFY2011 | 3QFY2011 | % chg (qoq) | 4QFY2010 | % chg (yoy) | FY2011 | FY2010 | % chg |
| Net Sales | 1,169 | 1135 | 3.0 | 816 | 43.2 | 4,465 | 3,574 | 24.9 |
| Other Income | 48 | 35 | 35.4 | 36 | 33.3 | 178.6 | 128.6 | 38.9 |
| Total Income | 1,216 | 1,170 | 4.0 | 852 | 42.8 | 4,643 | 3,703 | 25.4 |
| Gross profit | 731 | 777 | (6.0) | 525 |
Subscribe to:
Post Comments (Atom)
| |||
No comments:
Post a Comment