1327.6000 14.30 (1.09%)
NSE Jun 19, 2025 12:10 PM
Volume: 606.7K
 

HDFC Securities
We model 13/37% rev./earnings CAGR (FY18-21E) and re-iterate BUY with a TP of Rs 3,260 (20x Dec-20E EPS + Rs 380 for niche products). Ramp up in emerging markets (up 31% YoY), cost control measures, lower R&D; (9.5% of sales), tax benefits (17% tax rate) and one off gain from sale of API unit (Rs 423mn) led to a 30% beat on our PAT estimates; which was up 45% YoY to Rs 4.8bn. Adjusting for the one-off income, it grew 36% YoY. Despite weaker US sales (down 8% YoY), the operational performance was in-line with our expectation as EBITDA margin improved to 21.2%. Even at normalized R&D;, it would have been above 20%.
Number of FII/FPI investors decreased from 927 to 911 in Mar 2025 qtr
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