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Professional dialysis recruitment| Buy Ajanta Pharma; target of Rs 750: Sunidhi Securities - Moneycontrol.com |
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Sunidhi Securities is bullish on Ajanta Pharma and has recommended buy rating on the stock with a target of Rs 750 in its April 30, 2012 research report. “Incorporated in 1979, APL's product portfolio includes around 200 active products catering to various therapeutic segments like Cardiovascular Diseases (CVD), Dermatology, Pediatrics, Ophthalmology, Nephrology, Orthopedic, amongst others. It also does contract research for leading MNCs to expand its revenue base. APL has set up world-class manufacturing facilities in India, Mauritius and Turkmenistan. APL exports constitute about 60 per cent of sales. APL continues to aggressively execute the strategy of specialty player in the branded generic market in India and Rest of the World (ROW). In the regulated market, APL continues to build its ANDA portfolio in USA. During Q4FY12, APL has filed another 2 ANDA's in US taking the total ANDA's under review with the FDA to 7. For the 2 ANDA's for which company received approval, sales shall start from Q1FY13. Steadily, APL is building its ANDA portfolio in the US market, which shall assure sustained growth going forward.” “Ajanta Pharma’s Q4FY12 sales on standalone basis have advanced by 37.7% to Rs172.7 crore from Rs125.4 crore in Q4FY11. Operating profit has gone up by 34.0% to Rs37.8 crore from Rs28.2 crore in Q4FY11. Despite higher provision for depreciation of Rs8.2 crore (Rs6.5 crore) and tax at Rs7.7 crore (Rs0.7 crore), net profit jumped by 34.9% to Rs23.6 crore (Rs17.5 crore). During FY12, consolidated net profit went up by 52.5% to Rs77.3 crore from Rs50.7 crore in FY11 on 35.0% higher sales of Rs671.4 crore (Rs497.4 crore). Operating profit has moved up 48.3% to Rs147.0 crore from Rs99.1 crore in FY11. With 33.8% higher interest burden of Rs24.1 crore (Rs18.0 crore), 29.1% higher depreciation of Rs31.9 crore (Rs24.7 crore) and 140.4% higher provision of tax for Rs13.7 crore (Rs5.7 crore), net profit advanced by 52.5% to Rs77.3 crore (Rs50.7 crore). FY12 EPS on consolidated basis works out to Rs65.5 Vs Rs43.0 in FY11.” “APL has recommended dividend @Rs7.50/share for FY12 and also splitting of its equity share of Rs10 each in to 2 equity shares of Rs5 each. At the CMP of Rs565, the share is trading at a P/E of 7.6x on FY13E EPS of Rs74.7 and 6.6x on FY14E. We recommend BUY with a long term price target of Rs750,” says Sunidhi Securities research report. Non-Institutions holding more than 90% in Indian cos Disclaimer: 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. To read the full report click on the attachment
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