Buy Dishman Pharma: Motilal Oswal

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Buy Dishman Pharma: Motilal Oswal

Motilal Oswal has maintained its buy rating on Dishman Pharmaceuticals & Chemicals. Key growth drivers for Dishman will be ramp-up in the India-based contracts, with supplies to Solvay expected to record 21% for CAGR for FY07-09, while non-Solvay contracts are expected to grow at 53% CAGR.

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Motilal Oswal has maintained its buy rating on Dishman Pharmaceuticals & Chemicals in its August 25, 2008 research report. "Key growth drivers for Dishman will be ramp-up in the India-based contracts, with supplies to Solvay expected to record 21% for CAGR for FY07-09, while non-Solvay contracts are expected to grow at 53% CAGR (albeit on a low base). We believe that Dishman will be a key beneficiary of the increased pharmaceutical outsourcing from India. Higher than expected currency appreciation remains a key risk. Based on our current estimates, Dishman is valued at 16.7x FY09E and 13.7x FY10E consolidated earnings. Maintain Buy," says Motilal Oswal's research report.

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