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May 11, 2009, 07.52 PM IST
Emkay Global Financial Services has maintained its buy rating on Venus Remedies with a target price of Rs 275. Venus reported a muted growth of 1% in revenues during Q4FY09 to Rs 634 million. On QoQ basis, revenue de-grew by 3%.
Emkay Global Financial Services has maintained its buy rating on Venus Remedies with a target price of Rs 275 in its May 11, 2009 research report.
"Venus reported a muted growth of 1% in revenues during Q4FY09 to Rs 634 million. On QoQ basis, revenue de-grew by 3%. Lower growth in revenue is mainly because of muted growth in exports and slow off-take (decline of 13% QoQ) by strategic partners in the domestic market. On the operating front, EBIDTA declined by 11% to Rs 149 million in Q4FY09 (Rs 167million in Q4FY08). We are also introducing FY11E estimates (EPS of Rs 69.3 in FY11E). At CMP of Rs 191, the stock is trading at 3.5x FY10E EPs of Rs 54.5. We maintain buy with a target price of Rs 275 4.4x rolling EPS of Rs 61.9," says Emkay Global Financial Services' report.
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