Add Sanofi India, target price Rs 8594: ICICI Securities

Add Sanofi India, target price Rs 8594:  ICICI Securities

ICICI Securities has add call on with a target price of Rs 8594. The current market price of Sanofi India Ltd. is Rs 8097.

Sanofi India Ltd., incorporated in the year 1956, is a Mid Cap company (having a market cap of Rs 18632.00 Crore) operating in Pharmaceuticals sector.

For the quarter ended 30-09-2020, the company reported a Standalone Total Income of Rs 701.50 Crore, down -5.16 % from last quarter Total Income of Rs 739.70 Crore and down -12.53 % from last year same quarter Total Income of Rs 802.00 Crore. Company reported net profit after tax of Rs 132.90 Crore in latest quarter.

Investment Rationale
The brokerage expects revenue/EBITDA/PAT to grow 6.5%/ 6.6%/10.4% over CY20-CY23E with declining export revenue contribution. It expects SANL to improve its return profile and continue generating strong free cash with growing profitability. Rising contribution of domestic revenue would help lift margins gradually.

Promoter/FII Holdings
Promoters held 60.4 per cent stake in the company as of Dec 30, 2020, while FIIs held 11.5 per cent, DIIs 17.5 per cent and public and other 10.6 per cent.

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