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    HomeNewsBusinessStocksHold Ipca Laboratories; target of Rs 560: ICICI Direct

    Hold Ipca Laboratories; target of Rs 560: ICICI Direct

    ICICI Direct recommended hold rating on Ipca Laboratories with a target price of Rs 560 in its research report dated February 13, 2017.

    February 16, 2017 / 15:23 IST

    ICICI Direct's research report onIpca Laboratories

    Revenues grew 8% YoY to Rs 751 crore (I-direct estimate: Rs 783 crore) mainly due to 9% growth in domestic formulations to Rs 335 crore (Idirect estimate: Rs 355 crore). Export formulations grew 6% YoY to Rs 234 crore (I-direct estimate: Rs 257 crore).

    Outlook

    The management has also guided for higher taxation, which has resulted in a 6% EPS reduction in our FY18 and FY19 estimates. We have arrived at our new target price of Rs 560 (18x FY19E EPS of Rs 31.2). Improvement in operating leverage and development on the USFDA front will be key aspects to look for.

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

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    first published: Feb 16, 2017 03:23 pm

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