Prabhudas Lilladher has given Buy recommendation for Ipca Laboratories with a target price of Rs. 1225 in its research report issued on Feb 16, 2022
Prabhudas Lilladher’s research report on Ipca Laboratories
IPCA Lab’s (IPCA) Q3 performance was largely in line and we expect margin recovery from FY23 onwards. Domestic business (45% of total sales) continued to remain strong and should continue to outperform IPM. Strong API capabilities and diversified model benefit IPCA in the current environment. Our FY23E and FY24E earnings broadly remain unchanged.
We recommend ‘Buy’ rating on the stock with target price of Rs 1,225 based on 23x FY24E earnings. Remain our preferred pick in mid cap space.
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At 17:30 Ipca Laboratories was quoting at Rs 980.30, down Rs 8.90, or 0.90 percent.
It has touched an intraday high of Rs 1,001.45 and an intraday low of Rs 972.05.
It was trading with volumes of 11,675 shares, compared to its thirty day average of 30,872 shares, a decrease of -62.18 percent.
In the previous trading session, the share closed up 2.54 percent or Rs 24.50 at Rs 989.20.
The share touched its 52-week high Rs 1,383.55 and 52-week low Rs 893.03 on 15 September, 2021 and 23 February, 2021, respectively.
Currently, it is trading 29.23 percent below its 52-week high and 9.64 percent above its 52-week low.
Market capitalisation stands at Rs 24,870.62 crore.