"For 1QCY2013, Sanofi India reported results lower than expectations, both the on top-and bottom-line fronts. Sales grew by 12.5 percent yoy; however the net profit grew by just 10.5 percent yoy, due to lower-than-expected OPM. Sanofi's net sales grew by 12.5 percent yoy to Rs 363cr for 1QCY2013, lower than our estimate of Rs 401cr. The company reported a gross margin of 51.8 percent (50.9 percent in 1QCY2012), higher than our estimate of 49.5 percent. However, the OPM came in at 13.1 percent, lower than our estimate of 14.6 percent, due to a higher rise in other expenses, which rose by 28 percent yoy. The net profit came in at Rs 44cr, up by 10.5 percent yoy, lower than our estimate of Rs 50.1cr.
Outlook and valuation: We expect net sales to post a 13.3 percent CAGR to Rs 1,917cr and EPS to register a 13.4 percent CAGR to Rs 99.1 over CY201214. At current levels, the stock is trading at 27.6x and 25.8x CY2013E and CY2014E earnings, respectively. We recommend a Neutral rating on the stock," says Angel Broking research report.
Bodies Corporate holding more than 50% in Indian cos
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