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Ipca Laboratories - Q1FY21 Result Update - ICICI Securities

Posted On: 2020-08-12 02:53:34

Revenues grew 42.3% YoY to Rs. 1534.4 crore (I-direct estimate: Rs. 1287.8 crore) due to one-time opportunity of ~Rs. 259 crore for HCQS/chloroquine supplies in both API & formulation segments. Export formulations grew 89.4% YoY to Rs. 463.6 crore and API segment grew 72.0% YoY to Rs. 513.3 crore. Domestic revenues grew 8.1% YoY to Rs. 489.4 crore. EBITDA margins improved to 38.3% vs. 18.3% in Q1FY20 (I-direct estimate: 20.0%) due to lower operational expenditure. EBITDA grew 198.4% YoY to Rs. 588.3 crore (I-direct estimate: Rs. 257.6 crore). PAT grew 244% YoY to Rs. 445.9 crore (I-direct estimate: Rs. 180 crore) mainly due to a strong operational performance and lower tax rate (18.3% against 22.4% in Q1FY20).

Valuation & Outlook

Q1 results were a comprehensive beat vis-a-vis I-direct, consensus estimates on all fronts. Besides strong domestic formulations franchise, it continues to thrive on exports front, both in formulations, APIs. Though there are fluctuations in the institutional business, the management remains upbeat on prospects. Going ahead, with firm growth tempo in domestic formulations, good prospects both for API exports, formulation exports, we expect further improvement in financial parameters. Ipca will continue to remain a compelling bet on the back of well-rounded growth prospects for FY20-22E - sales, EBITDA, PAT CAGR of 14%, 29%, 39%, respectively. We arrive at our target price of Rs. 2400 (26x FY22E EPS of Rs. 92.3).

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Shares of IPCA LABORATORIES LTD. was last trading in BSE at Rs.2008.4 as compared to the previous close of Rs. 2099.6. The total number of shares traded during the day was 62076 in over 6925 trades.

The stock hit an intraday high of Rs. 2155.05 and intraday low of 1985.1. The net turnover during the day was Rs. 127990043.

Source: Equity Bulls

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