Revenue growth of 33.6% yoy and 7.6% qoq to Rs28.7bn was ~7% better than our estimates
The growth was primarily led by better than expected growth in its US subsidiary, Taro and niche product like Lipodex and Stalevo
Domestic market adjusting for base of last year grew by 19% yoy to Rs7.9bn
US Formulation clocked in strong revenue growth of 43.7% yoy to Rs14.9bn; US$ revenue growth at 32% yoy to US$276mn
EBITDA margins declined 46bps yoy and increased 37bps qoq to 44.5%
The company managed to maintain high operating margin even in this quarter at 44.5%, largely led by Taro performance, niche product launches and better realization of rupee
In line with sales, PAT accelerated by 31.8% to Rs8.8bn
Sun pharma decided to withdrew its offer of acquisition of residual shares of Taro
We believe going forward, approval of generic version of Doxil, niche launches and integration of DUSA Pharma & URL will keep the thrust on going in the US market. We upgrade our recommendation to BUY and value the company at Rs842
|(Rs mn)||Q3 FY13||Q3 FY12||% yoy||Q2 FY13||% qoq|
|Inc/(dec) in stock||102||(1,386)||(107.3)||(1,043)||(109.7)|
|Consumption of Materials||(4,251)||(4,678)||(9.1)||(4,872)||(12.7)|
|Purchase of Traded Goods||(1,241)||(487)||154.9||(1,057)||17.3|
|OPM (%)||44.5||44.94||(46) bps||44.11||37 bps|
|Effective tax rate (%)||18.6||7.4||1127 bps||17||139 bps|
|Min Interest & other Adj||1,521||1,274||19.4||1,161||31.0|
|PAT margin (%)||30.8||31.17||(42) bps||34.2||(340) bps|
|Ann. EPS (Rs)||34.0||25.8||31.8||35.1||(3.1)|
Revenue growth of 33.6% yoy and 7.6% qoq to Rs28.7bn was ~7% better than our estimates Revenue growth 33.6% yoy to Rs28.7bn was better than our estimates. The growth in revenues was primarily led by higher than the expected growth in its US subsidiary (Taro), niche products like Lipodex and Stalevo and forex impact. Indian formulations grew by 13% yoy; Adjusted Domestic growth was 19% yoy (adjusted for the sales of last year). US formulations grew by 40.3% to Rs3.9bn. Formulation sales in rest of the world (ROW) markets outside of India and US accounted for US$73mn in Q3 FY13 registering a growth of 31% in $ terms. API business which is largely for captive purpose, also, continues to grow. External sales of API grew by 36.1% yoy to Rs2.1bn in Q3 FY13.
|Rsmn.||Q3FY13||Q3FY12||% yoy||Q2FY13||% qoq|
US Formulation clocked in strong revenue growth of 43.7% yoy to Rs14.9bn; US$ revenue growth
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