Motilal Oswal neutral on Divis Laboratories

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Motilal Oswal neutral on Divis Laboratories

Motilal Oswal has maintained its neutral rating on Divis Laboratories. The research firm expects earnings growth to moderate to about 32% compared to the 84% growth recorded in FY08, due to significantly high base of FY08.

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Motilal Oswal has maintained its neutral rating on Divis Laboratories in its August 25, 2008 research report. " We expect earnings growth to moderate to about 32% compared to the 84% growth recorded in FY08, due to significantly high base of FY08. The company's capacities are nearing optimum utilization (expect for the new Carotenoids facility) with no major capex planned in the near future. We expect Divi's to be one of the key beneficiaries of increased pharmaceutical outsourcing from India. The company's existing relationships with innovator companies should help it in procuring more MNC contracts. Divi's is currently valued at 20.4x FY09E and 17.4x FY10E earnings. Maintain Neutral," says Motilal Oswal's research report.

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