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Ashish Rathi
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Krishnanath Munde
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+91-22-66121254
Sector Update
Emkay
Sector Update
Pharmaceuticals
Exhibit 1: Export- % of sales and constant currency growth
Export as a
Target
Price
Rating
Aurobindo
495
Cadila HC
Company
CAGR
% of sales
FY13
FY14
FY15E
FY16E
FY14-16E
Hold
88%
12.5%
27.4%
44.6%
11.1%
26.8%
1121
Buy
56%
6.6%
9.7%
17.6%
16.4%
17.0%
Cipla
410
Hold
60%
6.5%
15.2%
11.5%
19.4%
15.4%
Divis Labs
1534
Buy
90%
3.1%
9.4%
20.7%
18.0%
19.3%
Dr Reddys
3186
Buy
88%
7.0%
3.0%
10.7%
13.7%
12.2%
Glenmark
698
Buy
76%
8.1%
10.6%
16.7%
19.7%
18.2%
IPCA
978
Buy
69%
6.1%
10.0%
16.5%
18.1%
17.3%
Lupin
1189
Buy
78%
23.9%
8.8%
21.7%
15.6%
18.6%
Unrated
NA
79%
3.1%
26.0%
-15.3%
3.0%
-6.6%
Sun Pharma
719
Buy
77%
43.9%
33.8%
3.2%
0.3%
1.7%
Torrent Pharma
721
Hold
63%
6.7%
29.7%
24.2%
16.6%
20.4%
Unichem
221
Hold
47%
23.6%
-1.3%
20.2%
17.9%
19.1%
Average
73%
12.6%
15.2%
16.0%
14.1%
14.9%
Median
77%
6.8%
10.3%
17.1%
16.5%
17.7%
Ranbaxy
Company
EBITDA margin, %
FY13
FY14
Hedging policy
Aurobindo
25.8
2.0%
10.6%
No hedges
Cadila HC
16.6
-2.9%
-1.1%
No hedges
Cipla
20.6
2.9%
-6.0%
Divis Labs
43.5
1.0%
5.5%
No hedges
Dr Reddys
23.2
-1.9%
0.4%
Glenmark
21.8
-0.9%
1.6%
IPCA
25.0
0.4%
2.8%
Lupin
26.6
3.1%
3.1%
Sun Pharma
45.1
3.4%
1.8%
Torrent Pharma
22.8
3.0%
1.2%
Unichem
15.7
2.6%
-0.4%
No hedges
Ranbaxy
7.6
0.5%
-1.4%
Average
24.5
1.1%
1.5%
Median
23.0
1.5%
1.4%
Emkay Research
Pharmaceuticals
Sector Update
Emkay Research
3
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