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Cadila Healthcare - Q1FY21 First Cut - ICICI Securities

Posted On: 2020-08-05 09:31:59 (Time Zone: Arizona, USA)


(CMP: Rs. 397; MCap: Rs. 40637 crore)

Cadila Healthcare's Q1FY21 revenues were in line with I-direct estimates whereas profitability was better than expected due to higher gross margins and lower other expenditure.

Q1FY21 Earnings Summary

- Revenues grew 4.1% YoY to Rs. 3640 crore (I-direct estimate: Rs. 3584 crore) vs Rs. 3496 crore in Q1FY20. US sales grew a robust 18.7% YoY to Rs. 1623 crore (I-direct estimate: Rs. 1641 crore). Domestic formulations de-grew 11.2% YoY to Rs. 829 crore (I-direct estimate: Rs. 919 crore). Wellness segment de-grew 12.3% YoY to Rs. 532 crore (I-direct estimate: Rs. 455 crore). Emerging markets grew 7.8% YoY to Rs. 238 crore ( (I-direct estimate: Rs. 176 crore). API segment grew 89.2% YoY to 131 crore (I-direct estimate: Rs. 118 crore)

- EBITDA margins expanded 433 bps YoY to 22.4% (I-direct estimate: 19.4%) due to better gross margin performance and lower other expenses. Subsequently, EBITDA grew 29.0% YoY to Rs. 815 crore (I-direct estimate: Rs. 697 crore). Beat vis-a-vis I-direct estimates was on account of lower travel and promotional spend due to Covid-19 lockdown

- Net profit grew 49.4% YoY to Rs. 454 crore (I-direct estimates: Rs. 365 crore). Delta vis--vis EBITDA was mainly due to lower interest cost

Wellness segment will be keenly watched as the company ventures into slightly unchartered territory with a high amount of seasonality aspect. That said, it looks beneficial from an overall revenue point of view with India focused FMCG addition in the overall portfolio mix. Overall, the balance sheet reduction, Moraiya warning letter resolution and US base business performance in tough times are some important aspects to watch.

We would be coming out with a detailed report post the conference call.

Shares of CADILA HEALTHCARE LTD. was last trading in BSE at Rs.395.95 as compared to the previous close of Rs. 402.85. The total number of shares traded during the day was 600836 in over 11694 trades.

The stock hit an intraday high of Rs. 411.6 and intraday low of 392.85. The net turnover during the day was Rs. 242075987.


Source: Equity Bulls

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