ICICI Direct's research report on Cadila Healthcare
Q1 revenues grew 4.1% YoY to Rs 3640 crore (I-direct estimate: Rs 3584 crore). US sales grew a robust 18.7% YoY to Rs 1623 crore. Domestic formulations de-grew 11.2% YoY to Rs 829 crore. Wellness segment de-grew 12.3% YoY to Rs 532 crore. API segment grew 89.2% YoY to 131 crore. EBITDA margins expanded 433 bps YoY to 22.4% (I-direct estimate: 19.4%) due to better gross margin performance and lower other expenses. Subsequently, EBITDA grew 29.0% YoY to Rs 815 crore (I-direct estimate: Rs 697 crore). PAT grew 49.4% YoY to Rs 454 crore (I-direct estimates: Rs 365 crore). Delta vis-à-vis EBITDA was mainly due to lower interest cost.
We arrive at our target price of Rs 470 based on 22x FY22E EPS of Rs 21.3.
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