Cadila Healthcare’s revenue in Q1FY19 grew by 32.4% yoy to Rs2,893.7cr. EBITDA grew by 133.1% yoy to Rs645cr in Q1FY19 vs. Rs276.7cr in Q1FY18. EBITDA margins in Q1FY19 grew by 963bps yoy to 22.3% vs. 12.7% in Q1FY18. PAT grew by 233% yoy to Rs460.5cr in Q1FY19 vs. Rs138.3cr in Q1FY18.
Overall results are below our expectations, with revenue and EBITDA below 3%/6% below expectations respectively while PAT 9% above expectations due to higher other income.
The India formulations business grew 40% yoy to Rs893cr on a low base.
The US business grew 27% yoy to Rs1, 230cr.
Revenue in the emerging markets of Asia, Africa and Latin America grew by 13% yoy to Rs196cr.
Gross margin during Q1FY19 stood at 65.9% vs. 66.7% in Q4FY18 and 62.3% in Q1FY18.
Cadila’s EBITDA margins have improved yoy, but note that the company has seen better operating leverage in Q1FY19 vs. Q1FY18 when GST had led to de-stocking.
In Q1FY19, PAT grew due to 382% yoy growth in the other income. Excluding this, PAT could have been lower by 15-20%.
The company has filed 3 ANDAs, received 13 approvals and lunched 9 new products in the US market in Q1FY19.
The company launched 19 new products (including line extensions) in India.
Cadila Healthcare Ltd is currently trading at Rs. 355.10, down by 21.4 points or 5.68% from its previous closing of Rs. 376.50 on the BSE.
The scrip opened at Rs. 376 and has touched a high and low of Rs. 382.25 and Rs. 353.05 respectively. So far 53,39,185 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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