Zydus Lifesciences Ltd. share price target

ICICI Securities Ltd | Retail Equity Research YoY revenues were flat at | 2404 crore (I-direct estimate: | 2341 crore). Growth in domestic formulations and animal health segment was largely offset by a decline in the US. Domestic formulations grew 9% to | 820 crore (I-direct estimate: | 811 crore). US sales declined 2% to | 989 crore (I-direct estimate: | 902 crore) EBITDA margins declined 403 bps to 21.5% (I-direct estimate: 23.6%) on account of lower gross margins and higher employee cost....

Q2FY17 total revenues were up 5.4% QoQ and 3.1% YoY at Rs23.4 bn missed our forecasts by 3.8% YoY. However, EBITDA margin of 21.4%, +22bps QoQ, were below our forecast of 22.6%. Adjusted PAT of Rs3.4 bn, -5.3%/-29% QoQ/YoY, was ~12% lower than our forecast....

growth was +6% yoy (vs estimated 8%). EBITDA margin at 21.9% was 120bps below our estimates of 23.1%. The PAT (adjusted forforex gain ofRs448mn) declined 14% yoyto Rs 3.21bn(implying20%/17%misstoour/consensusestimates).InQ1FY17,CDHhasremoved JVsalesfromconsolidatedsalesandbookedtheshareofprofitfromJVsasperINDAS.Ifwe...

ICICI Securities Ltd | Retail Equity Research Revenues declined 4.0% YoY to | 2287.1 crore (I-direct estimate: | 2607.7 crore) due to 14% YoY de-growth in the US to | 848.3 crore (I-direct estimate: | 1092.5 crore). Domestic formulations grew 6.2% YoY to | 786.2 crore (I-direct estimate: | 778.7 crore) EBITDA margins declined 134 bps to 22.9% (I-direct estimate: 23.9%) on account of higher employee cost. EBITDA declined 9.3% YoY to | 523.9 crore (I-direct estimate: | 622.3 crore)...

1QFY17 sales disappoint; margins continue to remain robust Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for...

ff Filings & ANDA Approvals: Management expects to make over 35 filings mostly from Baddi, SEZ & Nesher plant and very few from Moraiya in FY17E. It also expects to launch of 12-15 ANDAs in the US by Dec'16. CDH looks forward to...

CDH’s US?based 100% subsidiary will launch mesalamine delayed?release tablets (800 mg, Asacol HD) as an authorised generic (AG) in the US, starting August 1 this year. We now estimate the product to add incremental sales of about US$ 55/105mn in FY17/18 (had earlier assumed delayed launch in H2FY17 and sales of ~US$ 40/85mn). Although we are modelling higher sales, it does not really excite us because CDH missed the opportunity of launching generic mesalamine under its own ANDA due to lack of a timely approval. If it could have launched under its own ANDA, the profit potential would have been 3?4x higher (in an exclusive?like scenario, as there were no visible filers). Nonetheless, to factor in higher sales, we upgrade our FY17/18 estimates by 2%. While the recent EIR on its Moraiya plant has certainly improved the visibility for clearance by the USFDA, a ramp up in its ANDA approval flow will be subject to final closure of the warning letter (mostly after a re?inspection). Hence, do not see a rerating for CDH anytime soon (value it at Rs 390, 20x FY18 EPS, vs. Rs 380 earlier). With limited visible upside, Phillip Capital downgrade to Neutral.

Trendlyne has 11 reports on CADILAHC updated in the last year from 5 brokers with an average target of Rs 369.4. Brokers have a rating for CADILAHC with 1 downgrade,4 price downgrades,2 upgrades and 1 price upgrade in past 6 months.

For 4QFY2016, Cadila Healthcare (Cadila) posted a robust performance on the net profit front while sales came in lower than expected. Sales came in at Rs2,376cr (V/s Rs2,400cr expected), growing by 5.7% yoy. On the operating front, the OPM came in at 21.4% V/s 21.1% expected and V/s 20.2% in 4QFY2015. The expansion in the OPM was driven b..

ICICI Securities Ltd | Retail Equity Research Revenues grew 7% YoY to | 2449.1 crore (I-direct estimate: | 2488.8 crore) driven by 12.9% YoY in India to | 767.4 crore (I-direct...

9 JV business saw strong 25%/14% growth for Q4/FY16. However, it guides for flattish revenueperformancefromitsJVbusinessinFY17 9 CDHindicatestocompletelargepartofremedialactionsbyMay2016atitsproblematic...