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Cadila Health.: Tax credit saves the day - Views on News from Equitymaster

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Cadila Health.: Tax credit saves the day
Jun 4, 2013

Cadila Healthcare has announced its 4QFY13 results. The company has reported 16.5% YoY growth in sales and 53.7% increase in net profits. Here is our analysis of the results.

Performance summary
  • Topline grows by 16.5% YoY during the quarter led by growth in both the domestic and exports businesses.
  • Operating margins decline by 2.5% during the quarter due to increase in cost of goods sold (COGS) and operating expenses.
  • Bottom line increases by 53.7% YoY during 4QFY13 due to MAT credit availed during the quarter, resulting in negative tax for the quarter.

    Financial performance: A snapshot
    (Rs m) 4QFY12 4QFY13 Change FY12 FY13 Change
    Net sales 13,443 15,658 16.5% 50,900 61,554 20.9%
    Other operating income 536 461 -14.0% 1,733 2,027 16.9%
    Expenditure 11,152 13,255 18.9% 41,795 52,324 25.2%
    Operating profit (EBDITA) 2,828 2,864 1.3% 10,839 11,257 3.9%
    EBDITA margin (%) 20.2% 17.8%   20.6% 17.7%  
    Other income 154 87 -43.2% 509 370 -27.3%
    Interest (net) 353 316 -10.7% 1,827 1,686 -7.7%
    Depreciation 391 465 19.0% 1,579 1,828 15.8%
    Profit before tax 2,237 2,171 -3.0% 7,942 8,113 2.2%
    Tax 436 (583)   1,130 1,195 5.7%
    Minority Int 93 128 38.7% 286 364 27.3%
    Profit after tax/(loss) 1,708 2,625 53.7% 6,525 6,554 0.4%
    Net profit margin (%) 12.2% 16.3%   12.8% 10.3%  
    No. of shares (m)         204.7  
    Diluted earnings per share (Rs)         32.0  
    Price to earnings ratio (x)*         24.4  
    Price to earnings ratio (x)*
    *based on trailing 12 months earnings

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Sep 25, 2018 02:23 PM

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