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Cadila Healthcare - Q4FY20 First Cut - ICICI Securities
Posted On : 2020-06-20 10:21:40( TIMEZONE : IST )
(CMP: Rs. 363; MCap: Rs. 37182 crore)
Cadila Healthcare's Q4FY20 results were a mixed bag. While revenues and profitability were below our estimates, higher gross margins contributed to better than expected EBITDA margins.
Q4FY20 Earnings Summary
- Revenues remained flat YoY at Rs. 3752 crore (I-direct estimate: Rs. 4099 crore) vs Rs. 3733 crore in Q4FY19 . Consolidation of Craft Portfolio in Wellness segment which grew 21.8% YoY to Rs. 490 crore was offset by YoY decline of 17.1% in Emerging markets to Rs. 172 crore ( (I-direct estimate: Rs. 228 crore) . US sales declined 1.9% YoY to Rs. 1761 crore (I-direct estimate: Rs. 1844 crore). Domestic formulations also de-grew 1.1% YoY to Rs. 892 crore (I-direct estimate: Rs. 974 crore)
- EBITDA margins contracted 36 bps YoY to 21.1% (I-direct estimate: 19.5%) as higher gross margins were offset by increase in employee and other expenses. Subsequently, EBITDA de-grew 1.1% YoY to Rs. 791.2 crore (I-direct estimate: Rs. 799.4 crore)
- Adjusted PAT de-grew 5.8% YoY to Rs. 433.5 crore (I-direct estimates: Rs. 467.2 crore). Delta vis-à-vis EBITDA was mainly due to higher depreciation
The management expects Indian formulations to grow above industry average and US base on a high single digit in FY21. The third major segment i.e. wellness (post acquisition) will be keenly watched as the company ventures into slightly unchartered territory with a high amount of seasonality aspect. Although it is still early days to gauge the success, prima facie 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 out for.
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.361.95 as compared to the previous close of Rs. 365.6. The total number of shares traded during the day was 312469 in over 4236 trades.
The stock hit an intraday high of Rs. 370 and intraday low of 360.35. The net turnover during the day was Rs. 113653122.
