Result Update IPCA Labs
IPCA Labs : International Formulation Business
Reco : Buy Cmp : 502 Target : 450
2Q FY13 performance: IPCA Labs Ltd (IPCA) reported total income of Rs 771.3 cr (+23.7% YoY) in line with our expectations. However, operating and net performance beat our expectations. Company reported EBITDA of Rs 178.8 cr (+14.2% YoY) and adj. PAT of Rs 118.7 cr (+12.9% YoY). IPCA earned foreign exchange gain to the tune of Rs 6.4 cr in 2Q FY13 (loss of Rs 27.2 cr in 2Q FY12); including which reported PAT was Rs 125.1 cr (60.5% YoY) in 2Q FY13.
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