Moneycontrol PRO
Upcoming Webinar:Watch a panel of experts discuss: Challenges of continuously evolving regulation for Cryptocurrency, on 7th July at 3pm. Register Now

Buy Sanofi India; target of Rs 9820: ICICI Direct

ICICI Direct is bullish on Sanofi India recommended buy rating on the stock with a target price of Rs 9820 in its research report dated October 28, 2020.

October 30, 2020 / 04:27 PM IST
  • bselive
  • nselive
Todays L/H

ICICI Direct's research report on Sanofi India

Sanofi’s Q3CY20 revenues de-grew 11.9% YoY to Rs 687 crore mainly due to the full impact of divesture of a few products to Zentiva (Ankaleshwar slump sale) and continued impact of Covid-19 on some therapies. EBITDA margins improved 547 bps YoY to 28.0% due to lower other expenditure, better gross margins. Subsequently, EBITDA grew 9.5% YoY to Rs 192 crore. Reported PAT grew 5% YoY to Rs 133 crore. Delta vis-a-vis EBITDA was due to lower tax rate in Q3CY19.


A strong growth track in top brands, measured new launches (including innovative launches) besides strong balance sheet and comfort on corporate governance front are some key attributes of MNC pharma companies including Sanofi. We maintain BUY with a target price of Rs 9820 (35x CY22E EPS of Rs 280.5).

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: Oct 30, 2020 04:27 pm
ISO 27001 - BSI Assurance Mark