Buy Zydus Lifesciences; target of Rs 572: Sharekhan

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Sharekhan's research report on Zydus Lifesciences

For Q3FY23, a better product mix drove up profits strongly. Revenue grew at 19.8% y-o-y to Rs. 4,362 crore (versus internal and street estimates of Rs. 4,123 crore and Rs. 4,151 crore.) and net profits grew at 23.1% y-o-y to Rs. 622.5 crore (versus internal and street estimates of Rs. 571 crore and Rs. 564 crore). The company is expected to maintain the growth momentum on the back of key product launches in the US and India. The company envisions to continue to outperform Industry growth in its key therapies in India. Lipaglyn, the first such NCE from India, is improving its IPM rank.

Outlook

We maintain a Buy on Zydus Lifesciences and revise its PT to Rs. 572 (Rs. 563 earlier). The stock is trading at an attractive valuation of 16.9x and 15.2x its FY2024E and FY2025E estimates.

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Zydus Lifesciences - 06 -02 - 2023 - khan