Buy Kilitch Drugs (India) Ltd For Target Rs.254 - Sushil Finance
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Kilitch Drugs (India) Ltd has reported numbers for the quarter Mar’ 22 & following are the highlights of the result:
HIGHLIGHTS FROM THE QUARTER AND YEAR ENDED MARCH 22:
* The Kilitch Drugs (India) Ltd reported total revenue of Rs. 36.6 cr, for Q4FY22 as against Rs. 19.9 cr in Q4FY21. The Company has reported an EBIDTA of Rs. 5.0 cr and a Net Profit of Rs. 2.3 cr as against Rs. 0.3 cr and Rs. 1.2 cr reported respectively in Q4FY21.
* The Kilitch Drugs (India) Ltd reported a total income of Rs. 114.2 cr for FY22 as against Rs. 68.5 cr in FY21. The Company has reported an EBIDTA of Rs. 10.4 cr as against Rs. 5.2 cr in FY21. Net profit for FY22 was Rs. 6.2 cr (PAT%: 5.4%) as against net profit of Rs. 3.8 cr (PAT%: 5.5%) in FY21.
* Ethiopia Business: FY22 -> Sales: Rs. 9.6 cr & PAT(Loss): Rs. (3.5) cr. Q4FY22 -> Sales: Rs. 4.6 cr & PAT(Loss): Rs. (1.8) cr.
OUTLOOK AND VALUATION
We expect the company to deliver top line growth of 30% for the year FY24E on a YoY basis. Additionally, we expect the company to deliver strong EBITDA and PAT margins of ~13% and ~9% respectively in FY24E. Our estimates for EPS for the year FY23E & FY24E are projected to be Rs. 6.2 & Rs. 10.2 respectively. We have assigned a P/E multiple of ~25X and arrived at a target price of Rs. 254 that provides an upside of ~58% from the current market price of Rs. 161 within an investment horizon of 18 to 24 months which makes the recommendation a ‘BUY’.
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