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Poor rural demand, low volume growth and lack of pricing power weighed on companies earnings last quarter. However, declining global commodity prices continued to be saving grace. Gross margins of few companies have expanded due to savings in raw material costs.
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Analysts feel Russia & Rest of the World (RoW) markets may have some impact on earnings this quarter. Russia revenue, in constant currency, may be healthy around 20-22 percent but due to Ruble depreciation of 35 percent against rupee, Russia & CIS business could see decline of 30-40 percent year-on-year.
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In an interview to CNBC-TV18, Nischal Maheshwari, Co-Head, Institutional Equities & Head-Research at Edelweiss Securities shared his readings and outlook on the upcoming earning season.
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Given the numbers and the valuations the brokerage house would refrain from hiking the target price for Cipla from the current Rs 1070, Bhavesh Gandhi.
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In an interview with CNBC-TV18's Archana Shukla and Nayantara Rai, Saumen Chakraborty, India - President, CFO and Global IT Head, Dr Reddy's Laboratories, discussed the company's first quarter earnings.
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Sales are expected to decrease by 0.8 percent Q-o-Q (up 9.2 percent Y-o-Y) to Rs 3840.1 crore, according to Motilal Oswal.
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Revenue is seen rising 9.1 percent to Rs 3,837.21 crore from Rs 3,517.5 crore during the same period.
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Dr Reddy's Labs has posted a consolidated net profit of Rs 519 crore in the quarter ended March 2015 up 7.8 percent from Rs 481.6 crore in the corresponding quarter last fiscal. During the period, total income was up 11.2 percent at Rs 3870 crore versus Rs 3481 crore (Y-o-Y) on consolidated basis.
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Dr Reddy's revenue is seen rising 8.3 percent year-on-year Rs 3,770 crore and profit is expected to increase 14 percent to Rs 548 crore in the quarter gone by, according to a CNBC-TV18 poll. Profit may be supported by lower taxes during the quarter.
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Hitesh Mahida is bullish on Cipla, Glenmark and Dr Reddy‘s Laboratories from the large cap pharma space and suggests caution on Lupin for now.
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Dr Reddy's Laboratories beat street expectations on both topline and bottomline but operating performance was below estimates. Consolidated net profit of the drug maker fell 7 percent year-on-year to Rs 574.5 crore, impacted by weak operational performance and higher R&D expenses.
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Discussing Dr Reddy‘s third quarter earnings, Sarabjit Kaur Nangra told CNBC-TV18‘s Ekta Batra and Sonia Shenoy the numbers were broadly in line but some aspects – decent margins despite higher R&D spend and a less-than-expected hit in revenues from Russia – were positive.
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Dr Reddy's Laboratories' third quarter profit is expected to fall 13.6 percent year-on-year to Rs 534.3 crore, according to the average of estimates of analysts polled by CNBC-TV18.
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Shares of pharma company Dr Reddy's Labs jumped as much as 2.2 per cent to hit intraday high of Rs 3,435.80 ahead of its March quarter results which will be declared later in the day.Dr Reddy's reax
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Discussing the company‘s results, GV Prasad co-chairman and CEO, DRL, said the quarter has been a flattish one on the back of high R&D expenses. He expects growth to return once launches start happening.
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Dr Reddy's Laboratories reported a fall of 16.8 percent in its second quarter consolidated net profit to Rs 574 crore against Rs 690.2 crore in the year-ago period.
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Prakash Agarwal, Equity Analyst, CIMB has a hold rating on Ranbaxy with target price of Rs 630/share.
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Revenue is likely to increase 10.3 percent to Rs 3,702 crore in the quarter ended September 2014 compared to Rs 3,357 crore in same quarter last year led by US generics sales.
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As the earnings season winds up and most of India‘s notable corporates have posted their quarterly results updates, net profits were slightly ahead of estimates, according to projections by brokerage firm Kotak, but there was “limited evidence of a meaningful upgrades to earningsâ€.
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Q3 earnings have been broadly in line with our expectation. We were expecting good traction in bot Russia and America as they have been key drivers for the company for a pretty long time, Sarabjit Kaur Nangra of Angel Broking said.
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Dr Reddy's Laboratories will announce its third quarter (October-December) earnings today. According to CNBC-TV18 poll, analysts expect 39 percent growth in bottomline and 23 percent in topline.
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Pharma companies are likely to post 12 percent Y-o-Y revenue growth. However, excluding Wockhardt (FDA issues) and Fortis Healthcare (divestments), revenue growth is expected to be 19 percent Y-o-Y.
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According to Prabhudas Lilladher, sales of Dr Reddys Laboratories are expected to increase by 18.3 percent Q-o-Q (up 16.8 percent Y-o-Y) to Rs 3,366.1 crore.
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According to Motilal Oswal, Sales of Dr Reddys Laboratories are expected to increase by 20.5 percent Q-o-Q (up 20.8 percent Y-o-Y) to Rs 3,361.5 crore.
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According to a CNBC-TV18 poll, profit after tax is expected to rise 22 percent year-on-year to Rs 498 crore from Rs 407.4 crore and revenues are likely to increase 16 percent Y-o-Y to Rs 3,340 crore in the quarter gone by.
