Cadila Healthcare Share Price Rises 3 Percent As Healthy Q3 Results
Cadila Healthcare Share Price jumped 3 per cent during the early trading session today. Due to the Indian pharmaceutical company announced strong numbers on a sequential basis in the third quarter ended on December 31, 2019.
The company’s consolidated profit came in at Rs 373.9 crore in December quarter 2019, declined 26.8 per cent year-on-year. The company had posted Rs 510.7 crore in the same quarter previous fiscal year. But, the profit on a sequential basis has seen a rise of 249 per cent on the back of a low base in the previous quarter.
Meanwhile, the company reported consolidated revenue of Rs 3,638.1 crore in the October to December quarter. It has seen a rise of around 1.7 per cent YoY or 8 per cent quarter-on-quarter.
Top brokerage firms came up with ratings and estimated target prices. Credit Suisse has given a neutral rating and suggested a target price of Rs 251 per share. The brokerage firm said that US sales aided by volume gains to a great extent. It also said that US growth would be at a mid-to-high single digit. While India growth may be weak due to business develops gradually from restructuring, it mentioned.
While Nomura has recommended a buy rating with a target price of Rs 278 per share. The company foresees that the remediation process at Moraiya would be finished by Q1FY21.
Meanwhile, CLSA came up with the Buy rating for Cadila Healthcare and it raised the target price from Rs 310 to Rs 330 per share. It also increased EPS estimates by 2-10 per cent.