Published on 10/02/2017 5:23:07 PM | Source: Angel Broking Pvt Ltd

We maintain our Buy rating on IPCA Laboratories Ltd by Ms. Sarabjit Kour Nangra - Angel

Below is the views on IPCA Laboratories Ltd 3QFY2017 Results by Ms. Sarabjit Kour Nangra (VP- Research IT, Angel Broking Pvt Ltd)  

IPCA Labs (CMP: INR 526 / TP: INR 613 / Upside: 16.5%)

“IPCA Labs posted results lower than expected on sales and net profit front while OPM’s were in line with expectations. In sales the company posted sales of INR 731cr V/s INR 815cr expected a YoY growth of 8.3%. The strong sales growth was aided by the API (INR 162.1cr) which registered a YoY growth of 16.0%, while Total Formulations, which registered a YoY growth of 6.0%. On EBITDA front the company posted EBITDA of 13.9% V/s 13.5% expected V/s 11.6% in 3QFY2016. Consequently PAT came in at INR 40.5cr V/s INR 61.6cr expected V/s INR 30.9cr in 3QFY2016 a growth of 31.3% YoY. The growth in the net profit was lower, on back of higher taxation, which came in at 34.9% of PBT v/s 40.6% of PBT in 3QFY2016. We maintain our BUY rating on the stock.”

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