Zydus Lifesciences Ltd. share price target

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...

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...