Angel Broking is bullish on Ipca Labs and has recommended buy rating on the stock with a target of Rs 986 in its August 04, 2014 research report.
"For 1QFY2015, IPCA Laboratories (Ipca) posted sales and net profit just in line with our expectations. The company posted sales of Rs928cr (V/s an expected Rs913cr), ie a growth of 17% yoy. The sales growth was driven by exports, which rose by 14.3% yoy, while domestic sales grew by 20.7% yoy. On the OPM front, the margins came in at 24.0% (V/s an expected 22.9%), an expansion of 410bp yoy, mainly on back of GPM expansion and lower rise in other expenditure. Thus, the Adj. PAT came in at Rs145.5cr (V/s an expected Rs147.8cr), registering a growth of 34.7% yoy. The company has reduced its revenue growth guidance to 12% (from an earlier 17-18%), with EBITDA margins guided to fall by 100bp yoy to 24% (earlier guidance was of 25-25.5%). The revision takes into account the temporary discontinuation of operations to the US. We retain our Buy on the stock with a price target of Rs986."
"The company posted sales of Rs928cr (V/s an expected Rs913cr), a yoy growth of 17.0%. The sales growth was driven by exports, which rose by 14.3% yoy, while domestic sales rose by 20.7% yoy. On the OPM front, the margins came in at 24.0% (V/s an expected 22.9%), an expansion of 410bp yoy, mainly on back of GPM expansion. The GPM for the quarter stood at 63.1%, V/s 59.1% in 1QFY2014. The OPM was also aided by a lower rise in other expenditure (of 13.8% yoy). Thus, the Adj. PAT came in at Rs145.5cr (V/s an expected Rs147.8cr), registering a yoy growth of 34.7%. We expect net sales to post a CAGR of 18.8% to Rs4,563cr and EPS to register a CAGR of 20.9% to Rs58.8 over FY2014–16E, driven by the US and domestic markets. At the current levels, the stock is trading at 15.9x and 13.4x FY2015E and FY2016E earnings, respectively. We recommend a Buy on the stock with a price target of Rs986," says Angel Broking research report.
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