February 17, 2017 / 14:48 IST
Dishman Pharma (DISH) reported weaker-than-expected revenue in 3QFY17, as part of CRAMS orders were deferred to subsequent quarters (the same is reflected in Rs743mn of inventory built up by 3Q-end), part of which would be billed in 4Q and the remaining in 1QFY18. Thus, FY17 revenue is likely to be flat yoy.
Outlook
We have marginally reduced the estimates by 5%/6% for FY18e and FY19e on management’s guidance. Our revised estimates imply a revenue and profit CAGR of 7%/20% over FY16-19e. We have also reduced the target price to Rs 270 (Rs 285 earlier), which is 16x average EPS for FY18e and FY19e, though we maintain a Buy rating on the stock.
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