See pharma sector's Q3 topline to grow 22%: Motilal Oswal

Motilal Oswal's report on Q3FY13 earnings estimates of pharma sector:

For 3QFY13, we expect topline growth of 22 percent YoY and EBITDA growth of 21 percent YoY for our Pharma Universe (excluding one-offs). Adjusted PAT is likely to grow 33.5 percent YoY.

EBITDA growth would be mainly led by strong performance by Ranbaxy, Glenmark, Strides and Torrent, which would witness high growth over a low base in 3QFY12. EBITDA growth would be higher than sales growth for Cipla and Divi's, aided by increased capacity utilization. Dr. Reddy's and Cadila too will report healthy operating performance driven by new product launches. Operating performance would also be partially driven by favorable currency.

Adjusted PAT growth at 33.5 percent would be higher than EBITDA growth, mainly because of high forex losses in 3QFY12 on account of appreciation of the INR v/s the USD.

Expected quarterly performance summary (INR million)

Note: Historic numbers exclude upside from one-off opportunities

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