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Buy Ipca Laboratories: target of Rs 2665: ICICI Direct

ICICI Direct is bullish on Ipca Laboratories recommended buy rating on the stock with a target price of Rs 2665 in its research report dated November 09, 2020.

November 12, 2020 / 06:12 PM IST
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ICICI Direct's research report on Ipca Laboratories

Q2 revenues grew 6% YoY to Rs 1361 crore (I-direct estimate: Rs 1447 crore) mainly due to 21.2% YoY growth in API segment to Rs 381 crore partly offset by 1.4% YoY de-growth in domestic segment to Rs 536 crore. Export formulation revenues grew 6.9% YoY to Rs 364 crore. EBITDA margins improved 586 bps YoY to 26.5% (I-direct estimate: 28.0%) due to higher gross margins, lower other expenditure. Hence, EBITDA grew 36.2% YoY to Rs 360 crore (I-direct estimate: Rs 405 crore). PAT grew 38.3% YoY to Rs 267 crore (I-direct estimate: Rs 300 crore) in line with operational performance.


We arrive at our target price of Rs 2665 (26x FY23E EPS of Rs 102.5).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Nov 12, 2020 06:12 pm

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