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Ipca Laboratories Ltd.: 1 director
A director at Ipca Laboratories Ltd. sold 20,000 shares at 1,081.847INR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...
An unfavourable environment weighs on IPCA LABORATORIES, which sees a ...
The independent financial analyst theScreener just requalified the general evaluation of IPCA LABORATORIES (IN), active in the Pharmaceuticals industry. As regards its fundamental valuation, the title still shows 0 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date February 26, 2021,...
- Tushar Manudhane
MOSL: IPCA LABORATORIES (Buy)-A dose of growth
Ipca Laboratories: A dose of growth (IPCA IN, Mkt Cap USD2.5b, CMP INR1426, TP INR1660, 16% Upside, Buy) We recently met management of Ipca Laboratories (IPCA) to understand the growth prospects in the business and ascertain the impact of the ongoing coronavirus outbreak-led supply disruption. IPCA appears well positioned to deliver strong earnings CAGR of 26% over FY19-22, led by its strong outperformance in Domestic Formulation (DF), improved prospects in API and revival in Internation...
- Nitin Agarwal
IPCA Laboratories' Q3FY20 results (Outperformer) - Another solid quart...
Q3FY20 result highlights Ipca Q3 standalone revs came at Rs11.4bn; 20% growth yoy. Consol revs at Rs12.1bn vs est Rs12bn. Domestic formulations grew 15% yoy above est of 14% and better than most peers Formulations exports came above est at Rs3.5bn vs est Rs3.4bn (25% yoy); Q2 was Rs3.4bn; Generic formulations came at Rs 1.9bn (39% yoy) above est of Rs1.7bn, Institutional formulations below est at Rs478m vs Rs544m and branded formulations at Rs1.1bn (8% yoy) inline with est. API exports grew...
- Tushar Manudhane
MOSL: IPCA LABORATORIES (Buy)-Record quarterly PAT led by strong execu...
IPCA LABORATORIES: Record quarterly PAT led by strong execution (IPCA IN, Mkt Cap USD2.5b, CMP INR1420, TP INR1660, 17% Upside, Buy) DF/API/International generics – key drivers for growth IPCA is one of the companies with high exposure to domestic formulation (DF; 40% of sales), a favorable opportunity in API (23% of sales) and better traction in international generics. We raise our EPS estimate by 10%/10.5%/11.4% for FY20/21/22 and also increase P/E multiple to 22x (prior: 20x) to fact...
- Nitin Agarwal
Management Speak: IPCA Labs (Outperformer) - Growth momentum intact
Presented are key takeaways from our interaction with IPCA management. We met Mr A.K.Jain, Jt. Managing Director, Mr Pranay Godha, Executive Director, Mr Prashant Godha, Executive Director and Harish Kamath, Corporate Counsel and Company Secretary. India - Positive outlook: Management believes the pain management (Zerodol) and CVS (CTD) segments will help IPCA achieve 1.5x outgrowth versus the Indian pharmaceuticals market. Zerodol, with Rs5bn sales currently remains the key growth driver with ...
- Nitin Agarwal
IPCA Labs' Q1FY20 results (Outperformer) - Solid quarter; API sales ex...
Q1FY20 result highlights Ipca Q1 standalone revs came at Rs10.1bn vs est Rs9.4bn; 18% growth yoy. Consol revs at Rs10.8bn. Domestic formulations grew 13% yoy inline with est and better than most peers Formulations exports came below est at Rs2.4bn vs est Rs2.7bn; Q4 was Rs2.5bn; Generic formulations came at Rs 1.3bn (-9% yoy) inline with est, Institutional formulations sharply below est at Rs273m vs Rs500m and branded formulations at Rs916m (17% yoy) vs est Rs942m. API exports grew 47% vs e...
- Tushar Manudhane
MOSL: IPCA LABORATORIES (Buy)-Earnings driven by API sales/better oper...
IPCA LABORATORIES: Earnings driven by API sales/better operating leverage; Ready for USFDA inspection (IPCA IN, Mkt Cap USD1.7b, CMP INR937, TP INR1145, 22% Upside, Buy) Healthy revenue growth across segments, except institutional anti-malaria business: Sales at INR10.8b (v/s est. INR9.6b) were up 23% YoY, led by API and exports (formulation). API grew 37% YoY to INR3b (30% of sales). Generics' exports grew 21% YoY to INR1.3b (13% of sales). Branded exports grew 17% YoY to INR916m (9% of ...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Fed cut, now what? The Fed's 25 bps cut and Powell's evasiveness in committing to a new easing cycle was seen as more hawkish than expected. In our opinion Powell was essentially saying the Fed will act as appropriate moving forward, and we can't blame him considering this was largely an “insurance cut†as opposed to a rescue attempt to avoid recession, and we may or may not need additional insurance moving forward. Overall the weight of the evidence supports further consolidation - i.e., n...
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- Nitin Agarwal
Event update: IPCA Laboratories (Outperformer) - Annual Report Takeawa...
IPCA Labs recently released its FY19 Annual Report. Below are the key takeaways. Robust operating performance with cost control: IPCA Labs had a strong performance in FY19 with a revenue growth of 15% yoy contributed by most segments, with APIs growing at 18% yoy, A tight control on overhead costs (barring sales promotion costs), enabled significant operating leverage during the year, leading to a margin expansion of 500bps to 18.8%. With remediation work completed, if the FDA approval of US pl...
- Nitin Agarwal
IPCA Labs' Q4FY19 results (Outperformer) - Solid quarter; upbeat outlo...
Q4FY19 result highlights Ipca Q4 revs came at Rs8.3bn vs est Rs8.7bn; 7% growth. Domestic formulations grew 10.2% yoy vs est 14.5%. Formulations exports came inline at Rs2.5bn; Q3 was Rs2.8bn; Although Generic and Institutional formulations came at Rs 1.18bn (-9% yoy) vs est Rs1.3bn and Rs408mn (-9% yoy) vs est Rs459mn, Branded formulations came significantly above est at Rs946mn (24% yoy) vs est Rs747mn; API exports grew 12% vs est 10% growth; 18% growth for FY19 despite no sales in the US...
- Tushar Manudhane
MOSL: IPCA LABORATORIES (Buy)-Cost headwinds receding-Generics/API out...
Ipca Laboratories: Cost headwinds receding; Generics/API outlook promising (IPCA IN, Mkt Cap USD1.7b, CMP INR933, TP INR1145, 23% Upside, Buy) Sales were up 6.5% YoY at INR8.3b (our estimate: INR9.1b) in 4QFY19, led by higher Branded generics (domestic/exports) and API sales. Domestic formulation (DF) sales increased 10% YoY to INR3.6b (58% of overall sales). Branded exports grew 24% YoY to INR945m, while API sales were up 10% YoY at INR2.1b. However, growth was partly dragged by lower Ge...
- Tushar Manudhane
MOSL: IPCA LABORATORIES (Buy)-Promising outlook for the next 2-3 years
Ipca Laboratories: Promising outlook for the next 2-3 years; Branded generics/API/Anti-Malaria to drive earnings delta (IPCA IN, Mkt Cap USD1.7b, CMP INR963, TP INR1145, 19% Upside, Buy) Sustained outperformance in branded domestic formulation (DF) space coupled with enhanced opportunities in the API segment and additional business from institutional Anti-Malaria segment shows that IPCA has enough headroom to be on a strong earnings trajectory over the next 2-3 years. We expect IPCA to ...
- Nitin Agarwal
IPCA Labs' Q3FY19 results (Outperformer) - Another strong quarter
Q3FY19 result highlights Ipca Q3 revs came at Rs9.47bn vs est Rs9.3bn; 11% growth. Domestic sales grew 10% yoy vs est 13.5%; while soft it was higher than reported by most peers Formulation exports came at Rs2.8bn – in line; 41% growth in branded formulations while institutional sales declined 30%; generic formulations were flat yoy. Generic sales have been impacted by implementation of serialization measures in EU. API exports grew 40% vs est 17% growth; 25% growth for 9mFY19; Ipca is gain...
- Tushar Manudhane
MOSL: IPCA LABORATORIES (Buy)-Benefits from improved op. leverage-robu...
Ipca Laboratories: Benefits from improved op. leverage; robust growth in branded generics/API (IPCA IN, Mkt Cap USD1.4b, CMP INR759, TP INR970, 28% Upside, Buy) Revenue growth driven by branded generics/API: IPCA’s revenue increased ~10% YoY to INR9.5b (our estimate: INR9.8b), led by growth in the domestic formulation (DF; +10% YoY to INR4.2b; 45% of sales), API (+20% YoY to INR2.3b; 25% of sales) and branded generics (+32% YoY to INR1b; 11% of sales) segments. Gross margin (GM) expanded ...
- Nitin Agarwal
IPCA Labs' Q2FY19 results (Outperformer) - Beat on most counts
Q2FY19 result highlights Consol revs came at Rs9.98bn vs est Rs8.8bn; +15% yoy. Domestic formulations grew +10% vs est of flat sales; H1 sales have grown 21% - best amongst peers. Most therapies barring Malaria have grown well Generic formulation exports have also recovered sharply – Rs1.6bn vs Rs1bn in Q1; we est Rs1.1bn. Most geographies, ex-UK, have contributed to the growth. Branded exports came at Rs832m – marginally below est Institutional sales stayed steady at Rs438m vs Rs415m in Q1...
MOSL: IPCA LABORATORIES (Buy)-Product mix improves, likely to deliver ...
Ipca Laboratories: Product mix improves, likely to deliver better return ratios (IPCA IN, Mkt Cap USD1.3b, CMP INR753, TP INR910, 21% Upside, Buy) Growth primarily driven by exports: IPCA’s revenue grew ~15% YoY to INR10b (our estimate: INR9.6b), led by International generic (~29% of sales; +23% YoY to INR2.9b) and API (~23% of sales; +16% YoY to INR2.3b) businesses. Domestic business (~48% of sales) grew by ~10% YoY to INR4.7b. Gross margin expanded 270bp YoY (+110bp QoQ) to 68.6%, led b...
MOSL: IPCA LABORATORIES (Buy)-Earnings driven by DF, API segments; on ...
Ipca Laboratories: Earnings driven by DF, API segments; on track to improve op. margin (IPCA IN, Mkt Cap USD1.4b, CMP INR737, TP INR850, 15% Upside, Buy) DF, API sales drive earnings: IPCA's revenue grew ~20% YoY to INR8.5b (our estimate: INR8.4b), led by Domestic Formulation (DF; up 36% YoY to INR4b, 48% of sales) and API (up 27% YoY to INR2.2b, 26% of sales) segments. However, overall revenue growth was dragged by Generic (down 15% YoY to INR1b, 12% of sales) and Branded (up by a modera...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Health Care outperforming globally -- overweight; India breaking out -- add exposure With the primary global ex-U.S. indexes MSCI EAFE, MSCI EM, and MSCI ACWI ex-U.S. continuing their sideways to downward consolidation from a price perspective, the importance of Sector, Group, and stock selection is critical. • Sector and Group Opportunities. Today we put the spotlight on the Health Care Sector, which is assuming a global leadership role as it separates itself from the other international Se...
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- Team Research
MOSL: IPCA LABORATORIES (Buy)-Remediation work complete-Looking forwar...
Ipca Laboratories: Remediation work complete; Looking forward to USFDA inspection (IPCA IN, Mkt Cap USD1.1b, CMP INR713, TP INR825, 16% Upside, Buy) We visited IPCA Laboratories’ (IPCA) API site at Ratlam, Madhya Pradesh to understand the remediation work done by the management ahead of USFDA inspection. The invite has been sent to USFDA in February 2018, which implies the company has completed remediation measures to resolve import alert/warning letter issued by USFDA. The company has also...
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