Sharekhan has recommended hold rating on Dishman Pharma with a target price of Rs 146, in its research report dated August 14, 2014.
"Dishman Pharma reported a weak performance for Q1FY2015, as reflected in a 525-BPS decline in the OPM and a 34% drop in the adjusted net profit, though the top line grew by 18%. The weak performance of Q1 can mainly be attributed to a change in the product mix and the effect of a high base (in H1FY2014 the company had exceptionally high revenue from a particular client).Though the Q1 performance appears to be an aberration, but we would like to highlight that the CRAMs business in general is susceptible to lumpiness and Dishman Pharma in particular is not known to show consistency in performance. However, the company's growth story remains intact barring the occasional hiccups."
"The management has maintained the guidance of Rs1,500 crore of revenues and 26-27% EBIDTA margin in FY2015, as it hopes H2FY2015 would be stronger. We largely maintain our earnings estimates (our assumptions include margins lower than indicated in the guidance). We downgrade the stock to Hold and retain our price target of Rs146," says Sharekhan research report.
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