Share Review - Cadila

Cadila Healthcare (Cadila) reported lower than expected numbers for
3Q FY 2012, except on the sales front, where sales were mostly in-line at
Rs.1,350  cr.

However, higher R and  expense during the quarter resulted in
depression in operating margin, which came in at 17.1%.

This coupled with forex losses during the quarter resulted in higher dip in net profit.

The stock of Cadila is trading at 17.5x FY 2012E and 13.6x FY 2013E earnings.
Recommend Buy on the stock with a target price of  Rs. 965.

Review by Angel Broking

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