Zydus Lifesciences Ltd. share price target

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...

For 3QFY2016, Cadila Healthcare (Cadila) posted a robust performance on the net profit front while sales came in lower than expected. Sales came in at Rs2,342cr (V/s Rs2,600cr expected), growing by 8.4% yoy. On the operating front, the OPM came in at 21.0% V/s 21.4% expected and V/s 19.3% in 3QFY2015. The expansion in the OPM was driven by expansion in the GPM to 65.9% V/s 64.8% in 3QFY2015 and almost flat growth in staff and other expenditure. R&D; expenditure during the quarter came in at 10.1% V/s 8.7% of sales in 3QFY2015. The net profit came in at Rs389cr V/s Rs353cr expected and V/s Rs282cr in 3QFY2015, a yoy growth of 38.2%. The Adj. net profit came in at Rs390cr V/s Rs278cr in 3QFY2015, a yoy growth of 40.0%. We maintain our Accumulate on the stock. Results better than expected at the net profit level: For 3QFY2016, sales came in at Rs2,342cr (V/s Rs2,600cr expected), growing by 8.4% yoy. On the operating front, the OPM came in at 21.0% V/s 21.4% expected and V/s 19.3% in 3QFY2015. The expansion in the OPM was driven by expansion in the GPM to 65.9% V/s 64.8% in 3QFY2015 and almost flat growth...

Cadila reported a strong 3QFY16. A 335bps of QoQ improvement in EBITDA margin was driven by (1) 7% QoQ growth in the US, led by a few one-offs and HCQS, (2) Flat staff cost and (3) Other operating income of Rs 866mn (up 122% YoY). Higher R&D; (9.7% of sales) was offset by flat other expenses.

9 CDH management is optimistic about the quick resolution of Warning Letter on its Moraiyaplant.ItexpectcontinuedUSgrowthmomentumledbynewlaunchesfromits recentlyUSFDAapprovedalternateplantsatBaddiandAhmadabadSEZ....

quarters. Domestic formulation growth was at 10.5%. EBITDA margins saw 460bps expansion to 24.6% (higher than estimated 21.4%) on better business mix. There was 150bps/160bps margin surprise in materials/other expenses. Core PAT (adjusted for forex...

2Q led by currency and HCQS, approvals remain key ff Launches in niche therapies such as transdermals (expect 2 in FY17E), vaccines (expect few launches by FY17E in India), derma products commercialization over next 3 years (facility yet to be inspected by the USFDA) and a potential biologics...