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Caplin Point Laboratories - Q1FY21 Result Update - ICICI Securities

Posted On: 2020-08-12 09:14:30


Q1FY21 revenues grew a robust 24.7% YoY to Rs. 240.1 crore. EBITDA margins fell 517 bps YoY to 29.8% due to higher operational costs. Sequential margin improvement (up 483 bps) was on account of better gross margins (one-off impact in Q4FY20) despite higher staff costs due to recently acquired subsidiaries. Subsequently, EBITDA grew 6.3% YoY, 33.1% QoQ to Rs. 71.6 crore. PAT grew 8.6% YoY to Rs. 54.5 crore. Delta vis-a-vis EBITDA was due to higher other income and lower tax rate.

Valuation & Outlook

Q1 panned out on a decent note despite margin pressure and subdued US performance. After scripting a unique story by growing in uncharted territories, Caplin is looking at growth in known markets. These new markets of South America, US are a big opportunity but fraught with new challenges. That said, we continue to believe in Caplin's capability to replicate the success story in new markets. Secondly, despite likely dent in margins, return ratios due to investment phase in new markets, these prints continue to demonstrate earnings, balance sheet strength. By thriving in lesser known CA markets and cracking the most difficult US generic pharma code of injectables, that too in different therapies, Caplin has created its own identity with long drawn plans. The company continues to offer a compelling risk-reward scenario at current valuations. We maintain BUY rating and arrive at our target price of Rs. 670 (15x FY22E EPS of Rs. 44.6).

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_CaplinPoint_Q1FY21.pdf

Shares of CAPLIN POINT LABORATORIES LTD. was last trading in BSE at Rs.510.35 as compared to the previous close of Rs. 536.15. The total number of shares traded during the day was 131628 in over 7761 trades.

The stock hit an intraday high of Rs. 535.1 and intraday low of 508. The net turnover during the day was Rs. 68127992.


Source: Equity Bulls

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