will government's massive surge in investment ... - Myiris.com

Apr-Jun 2013 Earnings Preview
Summary Financials ‐ Quarterly (Rs m)
Aurobindo Pharma
Ca di l a Hea l thca re
Ci pla
Dr.Reddy's
Laboratories
Glenmark
Pharmaceuticals
Jubilant Life
Sciences
Lupin
Ranbaxy
Laboratories
Sun
Pharmaceutical
Industries
Q1FY14E Q1FY13 YoY gr. (%) Q4FY13 QoQ gr. (%) 12MFY14E 12MFY13 YoY gr. (%)
Sales 16,925 11,974 41.3 15,527 9.0 69,256 57,831 19.8
EBITDA 2,743 1,228 123.4 2,224 23.3 11,150 8,169 36.5
Margins (%) 16.2 10.3 595 bps 14.3 188 bps 16.1 14.1 197 bps
PAT 42 (1,289) (103.3) 1,086 (96.1) 6,388 2,939 117.4
Sales 16,082 15,944 0.9 16,119 (0.2) 69,048 61,554 12.2
EBITDA 2,935 3,456 (15.1) 2,864 2.5 12,014 9,230 30.2
Margins (%) 18.2 21.7 (343)bps 17.8 48 bps 17.4 15.0 241 bps
PAT 1,692 1,948 (13.1) 2,625 (35.5) 7,707 6,553 17.6
Sales 20,009 19,174 4.4 19,062 5.0 91,296 82,793 10.3
EBITDA 4,602 4,990 (7.8) 3,490 31.9 22,940 21,979 4.4
Margins (%) 23.0 26.0 (303)bps 18.3 469 bps 25.1 26.5 (142)bps
PAT 3,282 4,008 (18.1) 2,676 22.7 15,136 15,449 (2.0)
Sales 31,947 25,406 25.7 33,399 (4.3) 130,503 116,266 12.2
EBITDA 7,028 4,996 40.7 7,291 (3.6) 29,233 25,558 14.4
Margins (%) 22.0 19.7 234 bps 21.8 17 bps 22.4 22.0 42 bps
PAT 4,262 3,360 26.8 5,709 (25.3) 19,027 16,772 13.4
Sales 12,199 10,407 17.2 13,355 (8.7) 57,286 50,123 14.3
EBITDA 2,524 2,201 14.7 2,544 (0.8) 11,744 10,100 16.3
Margins (%) 20.7 21.2 (46)bps 19.0 165 bps 20.5 20.1 35 bps
PAT 1,476 783 88.6 1,668 (11.5) 6,833 6,147 11.2
Sales 14,113 12,403 13.8 13,920 1.4 61,880 51,610 19.9
EBITDA 2,399 2,737 (12.3) 2,368 1.3 11,774 10,373 13.5
Margins (%) 17.0 22.1 (506)bps 17.0 (1)bps 19.0 20.1 (107)bps
PAT 760 50 1,417.2 (310) (345.4) 4,055 1,528 165.4
Sales 25,969 22,192 17.0 25,374 2.3 98,552 94,616 4.2
EBITDA 5,583 4,575 22.0 6,102 (8.5) 20,893 20,903 (0.0)
Margins (%) 21.5 20.6 88 bps 24.0 (255)bps 21.2 22.1 (89)bps
PAT 3,623 3,111 16.5 4,081 (11.2) 13,714 13,142 4.4
Sales 27,007 32,285 (16.3) 25,006 8.0 52,013 70,153 (25.9)
EBITDA 2,674 5,113 (47.7) 1,906 40.3 4,579 15,266 (70.0)
Margins (%) 9.9 15.8 (594)bps 7.6 228 bps 8.8 21.8 (1,296)bps
PAT 1,586 (5,857) (127.1) 1,258 26.1 2,843 6,610 (57.0)
Sales 32,603 26,581 22.7 30,870 5.6 138,514 112,999 22.6
EBITDA 15,606 12,169 28.3 12,754 22.4 56,165 49,673 13.1
Margins (%) 47.9 45.8 209 bps 41.3 655 bps 40.5 44.0 (341)bps
PAT (15,347) 9,579 (260.2) 10,116 (251.7) 11,669 30,081 (61.2)
Source: Company Data, PL Research. Note: PAT is adjusted for one‐offs
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