Alembic Pharmaceuticals Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Revenues grew 15% YoY to | 853 crore (I-direct estimate: | 830 crore) mainly on account of 45% YoY growth in the US to | 290 crore (I-direct estimate: ~| 233 crore) led by one-off and volume driven growth. Excluding one-off, US sales grew 30% YoY EBITDA margins improved 215 bps YoY to 20.3% (I-direct estimate: 22.5%) mainly due to lower other expenditure. EBITDA increased 29% YoY to | 173 crore vis--vis I-direct estimate of | 187 crore...

Q3 revenue beat (~8% above our estimate) was driven by strong growth in India (up 14% YoY) and US (up 9% YoY/24% QoQ in cc terms). EBITDA margin was up 360 bps YoY to 22.3% on better sales mix and lower R&D; spends.

Alembic Pharmaceuticals (ALPM) is a vertically integrated company with US trajectory catching up again backed by increased capacities and refilling pipeline post a lull after gAbilify. We expect US to contribute 31.9% by FY20E backed by own front-end launches. Recovery in the domestic business and improving margins (increasing chronic mix) to support future growth....

ICICI Securities Ltd | Retail Equity Research Revenues grew 8% YoY to | 840 crore (I-direct estimate: | 755 crore) mainly on account of 14% YoY increase in domestic business to | 349 crore (I-direct estimate: | 364 crore). Export sales grew 3% YoY to | 311 crore (I-direct estimate: | 258 crore), led by 4% YoY growth in the US business to ~| 235 crore (I-direct estimate: ~| 192 crore) EBITDA margins improved 361 bps YoY to 22.3% (I-direct estimate: 21.8%) led by lower R&D; expenditure. EBITDA increased 29% YoY to...

In Q3FY18, total revenues of Alembic Pharma increased by 8% YoY to Rs8.4 bn (above our estimates Rs 7.8 bn). The Companys operating marginsincreased from 18.7% to 22.3% YoY (our estimates 22%).

Maintain NEUTRAL with a revised TP of Rs 605 (20x Dec-19E EPS). Alembic Pharmas (ALPM) top-line grew ~9% YoY in 3QFY18, boosted by a better than expected performance in the US and strong growth in the API business. The US business recorded a YoY growth of 8-10% in $ terms, vs our expectation of flat revenues. The domestic business was up 14% YoY, in-line with estimates. The EBITDA margin surprised positively at ~22.3%, up ~350bps YoY and flat QoQ. However, this was largely on account of lower R&D; spend, which may not be sustainable.

Alembic Pharma posted marginally lower than expected sales for 2QFY2018. In Rupee terms, revenues de-grew by 10.2% yoy to `789cr (`980cr expected) v/s. `879cr in 2QFY2017. International formulation came in at `262cr v/s. `352cr in 2QFY2017, a yoy dip of 26.0%. Indian formulation sales came in at `385cr v/s. `363cr in 2QFY2017, a yoy growt..

Q2FY18 revenue declined 10% YoY, while EBITDA margin improved 250 bps YoY at 22.7% led by lower other expenses (-29% YoY) on lower promotion expenses in India business.

Revenue grew by 21.77% to Rs. 789.29 Cr in Q2FY18 when compared to the previous quarter Revenue grew by 21.77% to Rs. 789.29 Cr in Q2FY18 when compared to the previous quarter

ICICI Securities Ltd | Retail Equity Research Revenues declined 10% YoY to | 789 crore (I-direct estimate: | 846 crore) mainly on account of 26% YoY decline in the export business to | 262 crore (I-direct estimate: | 277 crore). Domestic sales increased 6% YoY to | 385 crore (I-direct estimate: | 396 crore) EBITDA margins improved 248 bps YoY to 22.7% (I-direct estimate: 18.0%) mainly due to lower other expenditure. EBITDA increased 1% YoY to | 179 crore vis--vis I-direct estimate of | 152 crore...