Sushil Finance is bullish on Ipca Laboratories and has recommended buy rating on the stock with a target price of Rs 369 in its February 2, 2012 research report.
Ipca Labs has come out with subdued set of domestic numbers for Q3FY12 however, net sales recorded strong growth with its international business compensating for the domestic sluggishness. The company on the revenue front has registered a growth of 31.8% to Rs. 6148 mn with PAT being flat at Rs. 639.3 mn mainly on the back of a forex loss of Rs. 398.8 mn as against a forex gain of Rs. 112.1 mn in Q3FY11. Revenues grew by 31.8% YoY from Rs. 4663 mn in Q3FY11 to Rs. 6148 mn in Q3FY12. The company
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