Firstcall Research is bullish on Bliss GVS Pharma and has recommended buy rating on the stock with a target of Rs 46 in its December 26, 2012 research report.
“The Bliss GVS Pharma Limited is primarily engaged in manufacturing of Pessary & Suppository Formulations, Calcium Preparations, Protein Powders, Iron Preparations, Antibiotics, Analgesic & Antipyretics, Respiratory, Anti-inflammatory, Anti-Malarial, Dermatological Preparations, Anti-Diarrhoeal products. Bliss Gvs Pharma Limited was incorporated on 11th December, 1984 as Public Limited Company. It is listed on Bombay and National Stock Exchange. The Manufacturing Plant is located at Palghar (approximately 90 kms from Bombay) in an industrial area which is well developed with all infra-structural facilities. The plant is 1.5 kms from Palghar Railway Station on the Western Railway. The company's most unique product is 'Today' Vaginal Contraceptive, a safe female contraceptive aimed at furthering Planned Parenthood and is also an established method for preventing conception.”
“Bliss Gvs Pharma Limited has the most modern plant to manufacture Female Contraceptives, Soft Pessaries and Suppositories. Its most popular product is 'Today' Vaginal Contraceptive pessaries containing Nonoxynol 9. Bliss also manufactures to U.S. specification vaginal pessaries of Clotrimazole & Povidone Iodine in addition to Anal Suppositories for treatment of Piles. BLISS complies with all norms laid down by Food & Drug Administration for manufacture of its products and maintains high International GMP standards.”
“Bliss GVS Pharma Limited has the most modern plant to manufacture Female Contraceptives, Soft Pessaries and Suppositories, reported its financial results for the quarter ended 30th Sep, 2012 with a robust growth in Net Sales and Net Profit during the current quarter. The company’s net profit jumps to Rs.246.94 million against Rs.227.24 million in the corresponding quarter ending of previous year, an increase of 8.67%. Revenue for the quarter rose 32.24% to Rs.1048.66 million from Rs.793.00 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs.2.39 a share during the quarter, registering 8.67% increase over previous year period. Profit before interest, depreciation and tax is Rs.377.39 millions as against Rs.306.95 millions in the corresponding period of the previous year.”
“At the current market price of Rs.41.30, the stock P/E ratio is at 7.01 x FY13E and 6.33 x FY14E respectively. Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.5.89 and Rs.6.52 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 18% and 18% over 2011 to 2014E respectively. On the basis of EV/EBITDA, the stock trades at 4.29 x for FY13E and 3.87 x for FY14E. Price to Book Value of the stock is expected to be at 1.57 x and 1.26 x respectively for FY13E and FY14E. We recommend ‘BUY’ in this particular scrip with a target price of Rs 46 for medium to long term investment,” says Firstcall Research report.
Shares held by Mutual Funds/UTI
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