Wockhardt an outperformer: Karvy Stock Broking
Karvy Stock Broking has downgraded its rating on Wockhardt as an outperformer with a price target of Rs 100 in its March 27, 2009 research report. “Revenues for the quarter are expected to move up by 17.6% to Rs 8961 million.
The main revenue drivers are expected to be domestic formulations and formulations exports driven by traction in US. Margins for the quarter are expected to be lower from 24.9 % to 22.1% for the quarter. Higher staff costs and other expenses have been the main reason for the decline in margins on account of new acquisitions. Profits for the quarter are expected to to be lower at Rs 719 million for the quarter after accounting for forex losses of Rs 338 million.”
“The stock would continue to face weakness till clarity emerges on the FCCB repayment. We downgrade our rating to Outperformer on the stock,” says Karvy Stock Broking’s research report.
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