INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Strides Shasun fell 7 per cent on Monday as the company swung to loss for the March quarter.
The fresh weakness came on top of 23
per cent drop on Friday after the lacklustre earnings
The stock fell 7 per cent to hit a low of Rs 360 on the BSE this morning.
The company has reported a consolidated net loss of Rs 4.40 crore
for January-March against Rs 91.59 crore profit a year ago
Consolidated revenue from continuing operations stood at Rs 664.15 crore for the quarter
It read Rs 677.13 crore in the same period a year earlier
"We reduce FY19/20E EPS by 60 per cent/47 per cent to factor in slower ramp-up in US sales, lower anti-malaria business from funding
agencies and lower operating leverage
We lower our P/E multiple to 15 times (from 18 times) for Strides Pharma to factor in ongoing price erosion in base portfolio and delayed
We thus lower our SOTP-based target price to Rs 481 (from Rs 989), implying an upside of 24 per cent," Motilal Oswal Securities said in a
