IVRCL - IVR Prime to build high-rise apartments

IVR Prime Urban Developers Ltd has announced that it has entered into the joint development agreement for the construction of high-rise residential apartments. The 9.6-acre community project at Kukatpally, comprises a built up area of 1.325 milli on Sft and a parking area for 1,200 cars.

The Rs 386-crore project consists of a 2 bed room apartments of 1,250 Sft, 3 bedroom apartments of 1,500 Sft and 4 bedroom apartment of 1,800 Sft each.

Amenities such as clubhouse, jogging track, landscaped open spaces etc will add value to the project.

The Project is designed to satisfy the growing residential property demand from the emerging middle classes in the key Cyberabad growth corridor.

The company is also set to Foray into the city of Visakhapatnam with its real estate development at Vedurvada, located near the Vizag Steel Plant.

The company's ongoing projects include the Thyme Park Project at Bangalore which is spread over 8 acres built at a cost of Rs 110 crore.

Link to the information: http://www.business-standard.com/common/news_article.php?leftnm=lmnu1&subLeft=1&autono=321394&tab=r
Link to the information: http://www.thehindubusinessline.com/businessline/blnus/02281305.htm

Subex - Press Release

Subex Ltd announces financial results for FY08 Revenue up by 42 % from FY07
Year ended 31 March 2008 – Key Highlights

Net Consolidated Revenue at Rs. 4,853.39 mn ($ US 121.33 mn), up from
Rs. 3,409.01 mn ($ US 85.23 mn) in FY07

Revenue from Products at 3,615.96 mn ($ US 90.40 mn), up from Rs.
2,287.67 mn ($ US 57.19 mn) in FY07

Net Loss at Rs. 681.04 mn ($ US 17.03 mn), down from a profit of Rs.
675.67 mn ($ US 16.89 mn) in FY07
Quarter ended 31 March 2008 – Key Highlights

Net Consolidated Revenue at Rs. 1,084.77 mn ($ US 27.12 mn)

Revenue from Products at Rs. 783.32 mn ($ 19.58 mn)

Net Loss at Rs. 505.66 mn ($ US 12.64 mn)
Bangalore, INDIA: Subex Ltd, a leading global provider of Operations Support
Systems (OSS) solutions for communications service providers, today announced that
it has recorded a revenue of Rs. 4,853.39 mn ($ US 121.33 mn) and net loss of Rs.
681.04 mn ($ US 17.03 mn), for the year ended 31 March 2008. For the quarter ended
31 March 2008, the revenue stood at Rs. 1,084.77 mn ($ US 27.12 mn) and net loss
at Rs. 505.66 mn ($ US 12.64 mn).
The new order intake in FY08 was Rs. 3440 mn ($ US 86 mn), as against Rs. 1880 mn
($ US 47 mn) in FY07.
The revenue from products for FY08 stood at Rs. 3,615.96 mn ($ US 90.40 mn),
contributing 75% to the total revenue. The revenue from products for Q4 of FY08 was
Rs. 783.32 mn ($ US 19.58 mn), contributing 72% to the total revenue for the period.
Commenting on the business, Subash Menon, Founder Chairman, Managing Director
& CEO, said, “While we had a bad year, we see momentum picking up in order intake.
Further, the integration has resulted in expected annualized cost saving of $ US 12
mn.”
GUIDANCE
Subash Menon also issued the guidance for FY09. "The guidance for FY09, ending
31st March 2009, is $ US 125 mn of product revenue and $ US 12 mn of net profit,” he
said.

Link to the information: http://www.subexworld.com/pdf/FY08%20%20Results.pdf
Link to the presentation: http://www.subexworld.com/pdf/FY08%20Full%20Year%20Results%20Call%20Presentation%20Final.pdf

Subex - Subex Q4 net loss at Rs 50 crore

Subex has announced its fourth quarter results. The company's net loss at Rs 50 crore versus loss of Rs 4.3 crore, QoQ.

Link to the article: http://indiaearnings.moneycontrol.com/sub_india/compnews.php?autono=336089

Jaiprakash - Merrill Lynch has kept buy rating on Jaiprakash Associates; with a target of Rs 475

Merrill Lynch

Jaiprakash Associates

Buy; with a target of Rs 475

Link to the information: http://www.moneycontrol.com/india/news/brokerage-recos/brokers-bullish-on-hind-zinc,-jp-associates/336026

Alok - Alok Ind net profit at Rs 53.74 crore

Alok Industries has announced its fourth quarter results. The company's Q4 standalone net sales were up at Rs 724.79 crore from Rs 574.08 crore, YoY.

Its standalone net profit at Rs 53.74 crore versus Rs 78.68 crore, YoY.

Particulars	Mar-08	Dec-07	Sep-07	Jun-07
Net Sales / Interest Earned / Operating Income	724.79	550.78	464.78	418.9
Other Income	-10.89	8.87	13.87	39.74
Total Income	713.9	559.65	478.65	458.64
Expenditure	-544.44	-416.01	-356.16	-317.34
Operating Profit	169.46	143.64	122.49	141.3
Interest	-36.45	-29.54	-28.27	-27.01
Profit Before Depreciation and Tax	133.01	114.1	94.22	114.29
Depreciation	-45.69	-43.44	-36.37	-35.75
Profit before Tax	87.32	70.66	57.85	78.54
Tax	-33.58	-21.86	-14.88	-23.53
Net Profit	53.74	48.8	42.97	55.01
Equity Capital	187.17	174.85	171.74	170.37

Link to the article: http://indiaearnings.moneycontrol.com/sub_india/compnews.php?autono=335993

Alok - Alok Ind promoters stake up to 34% from 29%

Alok Industries has announced its fourth quarter results. The company's Q4 standalone net sales were up at Rs 724.79 crore from Rs 574.08 crore, YoY.

Its standalone net profit at Rs 53.74 crore versus Rs 78.68 crore, YoY

Speaking to CNBC-TV 18 Dilip Jiwrajka, MD at Alok Industries said we would be able to sustain our sales growth and margin expansion because value addition has been key to value improvement.

Excerpts from CNBC-TV18's exclusive interview with Dilip Jiwrajka:

Q: Sales growth of about 26%, PAT of about 24% and your margin expansion has been roughly 34% this quarter; do you hope to sustain it going forward?

A: There are no reasons why we would not be able to sustain it because value addition is a key to our value improvement and since we also went backwards totally into spinning there is an improvement in the margins.

Q: What has been the contribution of exports this quarter and how much in terms of percentage would it amount to?

A: Our exports this year has been Rs 1,025 crore and it is almost 48% of our total sales and in terms of the quarter our exports have been impressive. The exports went up in the same manner as the full year.

Q: On Alok Infrastructure, are you looking at raising more funds for your current ongoing projects?

A: In terms of funds we are looking at some debt funds and maybe some SPV level funds in the company.

Q: To the amount of?

A: Not yet decided.

Q: When are you listing Alok Infrastructure?

A: No plans at the moment.

Q: In this quarter with regards to Alok Infrastructure have there been any sort of creeping acquisitions that have taken place?

A: For Infrastructure we have not done any creeping acquisition but in case of Alok Industries the promoters have upped the stake from 29% to 34%.

Q: There has been news that you have been hiving off your retail business are you looking at listing that as well separately?

A: Not at the moment but since we want it to grow we want to ensure that it gets right platform to grow.

Link to the article: http://www.moneycontrol.com/india/news/results-boardroom/alok-ind-promoters-staketo-34/16/07/336062

Dwarikesh - Results for Q2 March 2008 +ve net profit

Audited Financial Results for the Quarter and Half year ended on 31ST MARCH., 2008
(Rs. Lacs)

Sl. No. Particulars Quarter Ended March 2008 Quarter Ended March 2007 Half Year ended March 2008 Half Year ended March 2007 Year ended September 30, 2007 (Audited) 1 Gross Turnover 9,409.87 6,884.32 15,977.93 13,689.74 24,401.53 2 Net Sales/Income from Operation 8,664.92 6,380.16 14,810.49 12,785.58 22,693.28 3 Other Income 7.81 43.00 10.51 67.70 118.99 4 Total Expenditure 6,193.10 5,566.67 12,796.94 10,866.65 20,921.85 a) (Increase)/Decrease in stock (net of excise duty) (13,747.75) - (8,296.29) (12,784.70) (11,362.44) (6,515.45) b) Consumption of Raw Material, Packing Material & Chemicals 18,696.05 - 12,816.56 23,483.64 20,405.32 24,019.60 c) Staff Cost 766.26 494.24 1,236.21 814.13 1,597.14 d) Other Expenditure 478.54 552.16 861.79 1,009.64 1,820.56 5 Interest 1,238.25 519.55 1,786.35 803.85 1,846.11 6 Gross Profit after Interest but before depreciation & Tax 1,241.38 336.94 237.71 1,182.78 44.31 7 Depreciation 832.53 334.25 1,162.01 690.26 1,330.99 8 Profit before exceptional item and Tax 408.85 2.69 (924.30) 492.52 (1,286.68) 9 Exceptional item- Expenditure - - - - - 10 Profit before Tax 408.85 2.69 (924.30) 492.52 (1,286.68) 11 Provision for Tax - - Current Year 3.37 3.16 3.37 57.69 57.69 - Previous Year 0.35 4.01 0.35 4.01 4.01 - Fringe Benefit Tax 2.89 2.45 6.22 6.25 10.64 - Deferred Tax (236.22) 21.65 (236.22) 21.65 (730.76) 12 Net Profit 638.46 (28.58) (698.02) 402.92 (628.26) 13 Paid up Equity Share capital (Face value of Rs.10/-each) 1,631.47 1,556.47 1,631.47 1,556.47 1,556.47 14 Reserve excluding Revaluation Reserve 12,418.25 13,507.54 12,418.25 13,507.54 12,440.66 15 a. Basic EPS (Rs.) (not annualised) b. Diluted EPS (Rs.) (not annualised) 3.98 3.74 (0.18) (0.18) (4.41) (4.09) 2.59 2.59 (4.27) (4.20) 16 Public Shareholding - Number of Shares 8,572,577 8,531,577 8,572,577 8,531,577 8,559,077 - Percentage of shareholding 52.55% 54.81% 52.55% 54.81% 54.99%

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. Lacs)

Sl. No.	Particulars	Quarter Ended March 2008	Quarter Ended March 2007	08Half Year Ended March 20	Half Year Ended March 2007	Year ended September 30, 2007 (Audited)
1	Segment Revenue
a)	Sugar	6,997.11	5,576.75	13,005.60	11,833.36	21,042.17
b)	Co Generation	3,206.33	842.32	3,694.47	1,798.72	2,249.15
c)	Distillery	285.16	742.75	349.09	907.40	1,572.48
	Total	10,488.60	7,161.82	17,049.17	14,539.48	24,863.80
	Less: Inter Segment Revenue
	Segment-Co Generation	1,601.34	428.76	1,910.15	1,194.90	1,490.52
	Sugar	222.35	352.90	328.53	559.00	680.00
	Net sales/Income from Operation	8,664.91	6,380.16	14,810.49	12,785.58	22,693.28
2	Segment Results (Profit) (+)/Loss(-) before tax and interest form Each segment)*
a)	Segment- Sugar	(1,031.25)	(392.09)	(2,208.12)	(492.84)	(1,731.53)
b)	Segment- Co Generation	2,562.65	680.17	2,941.68	1,505.05	1,764.62
c)	Distillery	115.71	234.16	128.49	284.16	526.34
	Total	1,647.11	522.24	862.06	1,296.37	559.43
	Less: Interest	1,238.26	519.55	1,786.35	803.85	1,846.11
	: Other Un-allocable Expenditure net off un-allocable Income		-	-	-	-
	Total Profit Before Tax	408.85	2.69	(924.30)	492.52	(1,286.68)
3	Capital Employed (segment assets- segment Liabilities)
a)	Sugar	50,706.02	27,880.46	50,706.02	27,880.46	25,181.23
b)	Co Generation	19,389.95	2,475.98	19,389.95	2,475.98	1,594.54
c)	Distillery	1,746.86	1,858.05	1,746.86	1,858.05	1,544.09
	Total	71,842.83	32,214.49	71,842.83	32,214.49	28,319.86

The Company does not have any exports, hence reporting on Secondary segment does not arise.

Notes: 1. The above results were approved in the meeting of the Board of Directors held on 28th April '2008 after being reviewed and recommended by the Audit Committee. 2. The working result of sugar segment was adversely affected due to surplus availability of Sugar on account of higher carryover of stocks coupled with more than average production, which led to decline in sugar prices ,both in domestic & international markets. 3.The Company, in compliance of the interim order passed by the Hon'ble High Court of Allahabad (Lucknow Bench) on the 15th November'2007, is paying a price of Rs.110/- per quintal for sugar cane purchased and accordingly accounted for the liability for the quarter under review. Differential liability, if any, will be accounted as and when the matter is finally settled. 4. The Company’s new green field plant of 7500 TCD (expandable to 10,000 TCD) at Faridpur, District Bareilly commenced commercial production from 1st January'08.Evacuation and supply of additional 48 MW power from Company's units at Bahadarpur, District Bijnor & Faridpur, District Bareilly commenced from 4th February'08 and 9th February'08 respectively. 5. Out of 15 lacs warrants,7.50 lacs warrants have been converted into 7.50 lacs equity shares on 1st February,2008 at Rs100.20 per equity shares as per SEBI formula as laid down in DIP guidelines.All the requisite approvals for listing of these shares have been obtained from BSE & NSE . 6. Given the seasonal nature of the Industry, the results of any quarter may not be a true and / or proportionate reflection of the annual performance of the Company. 7. Previous period figures have been regrouped and reclassified wherever necessary, for the purpose of comparison. 8. There were no investors complaints pending at the beginning of the quarter, no complaint was received during the quarter and there are no complaints outstanding at the end of the quarter. Place: New Delhi Gautam R. Morarka Date: 28th April, 2008 Chairman & Managing Director

Link to the information: http://www.dwarikesh.com/ShowChannel.aspx?ArticleId=05092118322509

Wockhardt - Will maintain margins going ahead: Wockhardt

Habil F Khorakiwala, Chairman, Wockhardt says that they would be able to maintain their margins going forward and might even be able to slightly improve the margins next quarter.

He adds that overall they will definitely be able to show about 20%-25% improvement on topline and bottomline. Wockhardt Hospitals is looking at options to raise funds including private equity, he further added.

Excerpts from CNBC-TV18's exclusive interview with Habil F Khorakiwala:

Q: Could you just detail what that Rs 28 crore loss is on account of?

A: I think this is a loss because of new MTM guidelines of the auditors, in fact we have a long-term debt and we were covering 50% of our interest hedging it and as of March 31, this was a difference but these are long-term hedges and therefore this is a provision.

Q: That 785 crore sales number that you have reported for this quarter, could you just break it up between geographies and also tell us how much your acquired companies have contributed to this topline?

A: I think basically about 54% of this business is coming from Europe, India is over 30% and US we are doing quite well and it is nearing 8%-9% of a topline this quarter. What is important is if you look at our income statement not only we have improved topline to 50% because of our acquisition of Negma and Morton Grove but equally important our operating profit has also grown 50% and therefore we have brought operations of a new acquisition in line with our overall performance.

Q: Are you holding your CY09 guidance at this point to deliver revenues of USD 1 billion 30%-35% growth?

A: Yes, I think we will continue to show a topline growth because what is seen in Q1 may not happen from Q3 onwards as we had extraordinary percentage of acquisition. But overall I think we will definitely show about 20%-25% improvement on topline and also similar number in the bottomline.

Q: You expect margins to improve as well considerably for Q1 though how has the margin performance been?

A: I think we will be able to maintain the margin and then slightly improve the margin in the next quarter.

Q: I believe you were planning to raise some equity, is that correct and by when do you think you will be able to raise?

A: We have taken enoubling resolution from the last AGM and sometime in the second half of the year we would be raising this equity.

Q: In what form, you will do a straightforward issue?

A: We have not yet finalized that, it could be through various options including private equity or other options. So we will take a call little later in the year.

Q: What is the plan now for Wockhardt Hospitals?

A: For Wockhardt Hospitals we are looking at options to raise fund including private equity

Link to the article: http://indiaearnings.moneycontrol.com/sub_india/compnews.php?autono=335915

Wockhardt - Wockhardt quarterly net down 23 pct, shares dip

Drugmaker Wockhardt Ltd (WCKH.BO: Quote, Profile, Research) on Monday posted an unexpected 23 percent fall in quarterly net profit on one-time derivatives-related losses, pulling down its shares.

A one-time mark-to-market charge of 279 million rupees saw the Mumbai-based company posting a net profit of 509 million rupees for the quarter ended March 31, well below a Reuters poll estimate for 995.1 million rupees.

The losses were due to Wockhardt's long-term hedging instruments that were bought to reduce the interest costs for the company's loans, Wockhardt said in a statement.

The company did not specify how much its loans were, but said it was hedging the interest for 50 percent of its long-term loans.

Revenue, however, rose 50.3 percent to 7.86 billion rupees, slightly above anlaysts' forecast of 7.71 billion rupees.

Analysts were expecting Wockhardt's acquisitions to drive growth in the quarter.

Last year, Wockhardt acquired U.S.-based liquid generics and speciality skin products maker Morton Grove Pharmaceuticals Inc and French pharmaceutical group Negma Laboratories.

"This (Morton Grove and Negma) has enabled us to increase our operating profit by 50 percent and thus maintain a margin of 22 percent," Chairman Habil Khorakiwala said in a statement.

Wockhardt shares have slipped 27 percent in 2008 as of Friday, underperforming the BSE Healthcare index index, which fell 4.9 percent. At 2:47 p.m., the shares were trading 2.5 percent lower at 296.80 rupees in a weak Mumbai market. (Reporting by Bharghavi Nagaraju; editing by Sunil Nair)

Link to the article: http://in.reuters.com/article/domesticNews/idINBOM18894720080428

Wockhardt - Wockhardt Falls After Profit Slumps on Derivatives

Wockhardt Ltd., an Indian drugmaker that gets about 60 percent of its revenue from overseas, fell in Mumbai trading after announcing a 23 percent decline in first- quarter profit because of losses on derivatives.

The company, based in Mumbai, dropped as much as 4.1 percent.

The drugmaker was forced to report derivatives losses a month after denying it faced charges on the contracts, following the tightening of disclosure rules. The rupee fell for the first quarter in seven in the period, triggering losses at exporters and companies with overseas debts that had bet on a continued rally in the currency.

Net income declined to 509 million rupees ($13 million) in the three months ended March 31 from 663 million rupees a year earlier. Revenue gained 50 percent to 7.86 billion rupees.

The company incurred 279 million rupees of losses on derivatives it had taken out on its overseas debt, Wockhardt said.

Derivatives are financial instruments used for speculation and as insurance against fluctuations in the markets. Their value is based on prices for currencies, stocks, bonds, loans and commodities, or linked to events such as changes in foreign exchange rates.

Wockhardt dropped 7.7 rupees, or 2.5 percent, to 297 rupees at the 3:30 p.m. local time close on the Bombay Stock Exchange.

Link to the article: http://www.bloomberg.com/apps/news?pid=20601091&sid=achVBdBw_YlE&refer=india

Wockhardt - Wockhardt Q1 FY08 sales up 50% y-oy

Pharmaceutical and biotech major Wockhardt Ltd today posted its consolidated sales for the first quarter ended March 31, 2008 at Rs 785.7 crore, a jump of 50.3 per cent over the previous year's period.

Its net profit for the reviewed period stood at Rs 78.8 crore, which is a rise of 18.9 per cent over the last year.

After adjusting for extraordinary item, the net profit is Rs 50.9 crore, a press release issued here stated.

"The acquisition of Negma Laboratories in France and Morton Grove Pharmaceuticals in the US has shown a remarkable performance," Wockhardt Chairman Habil Khorakiwala said.

"This has enabled us to increase our operating profit by 50 per cent and thus maintain a margin of 22 per cent," Khorakiwala added.

The company's marketshare grew 24 per cent and it improved its ranking by five levels to 15th position as compared to Q1 2007, the release said.

Overall, nine brands feature in the list of 'Top 300' brands of the industry with Dexolac and Spasmo-Proxyvon still maintaining their position in the 'Top 100'.

Europe continues to be Wockhardt's single-largest market accounting for 54 per cent of consolidated sales.

The business grew at 69 per cent, driven largely by a surge in the European formulation business growing at 70 per cent and the opportunities of contract-manufacturing fructifying and gaining momentum for the future, the release said.

Link to the article: http://www.business-standard.com/common/storypage_c_online.php?leftnm=10&bKeyFlag=IN&autono=36452

Biocon - Biocon to form a subsidiary for R&D

Biotech major Biocon plans to set up a subsidiary company for its research and development this year much against the industry norm of spinning it off as a separate unit.

"Biocon would form a wholly-owned subsidiary company for research and development in this financial year. The company doesn't want to spin off as a separate company because the management feels that R&D is still an integral part of the company," a person close to the development said.

Biocon's R&D team is working on developing products for diabetes, cardiovascular, inflammation, oncology and endocrinology.

The company has four molecules and it would be transferring all of them to the subsidiary company, the source said.

In the last couple of years, Indian pharma companies have split their generic and R&D businesses into two separate companies.

Ranbaxy, Sun Pharma, Wockhardt, Glenmark and Nicholas Piramal have split their generic and R&D into two separate companies.

Link to the article: http://www.hindu.com/thehindu/holnus/006200804271223.htm

IVRCL - Buy Economic Times

IVRCL Infrastructure & Projects: The stock is currently trading at a P/E (on consolidated basis) of less than 20, one the lowest among tier-I stocks in its sector. In contrast, its net profit has doubled in the past one year and is expected to remain buoyant, aided by its subsidiaries and a 20-25% earning growth in its core business. All these reasons make the stock a good buy at these levels.

Link to the article: http://economictimes.indiatimes.com/Capital_Goods_amp_Construction_Sell_amp_Buy_recommendations/articleshow/2989578.cms

Wockhardt - Wockhardt Jan-March net may jump 50 pct

Drugmaker Wockhardt Ltd is set to post a 50 percent rise in quarterly net profit, as companies it acquired earlier began contributing to revenue, analysts said on Friday.

A Reuters poll of analysts estimates the company's net profit at 995.1 million rupees for the quarter to March 31 with revenue expected to rise 47.4 percent to 7.71 billion rupees.

The company has bought three drugmakers since October 2006, including U.S.-based liquid generics and speciality skin products maker Morton Grove Pharmaceuticals Inc and French pharmaceutical group Negma Laboratories.

"Negma and the other companies acquired by Wockhardt have already started adding revenue." said an analyst with KR Choksey. "I am expecting revenue from Morton Grove to have come in during the quarter. Apart from that, there aren't any big drivers."

Excluding acquisition, the company's revenue may rise about 11 percent, ICICI Securities said in a report.

"We believe that Wockhardt still has to display the ability to fully leverage its assets (particularly the biotech facilities) and scale up substantially in regulated markets," brokerage Motilal Oswal, which has a 'neutral' on the stock, said in a note.

The company reports earnings on April 28.

Still, Wockhardt, which earns nearly half its revenue from Europe, is making inroads into the U.S. market. It launched the generic version of Pfizer's Zyrtec brand, chemically called cetrizine, in that country during the quarter.

"Wockhardt could benefit from rapidly improving U.S. business, focus on improving margins and de-merger of drug development research," ICICI Securities said. The brokerage has a 'buy' on the shares.

Following in the footsteps of bigger rivals like Sun Pharmaceutical Industries, Dr. Reddy's and Ranbaxy Laboratories, Wockhardt too has decided to spin off its research and development unit into a separate firm and list it later.

Wockhardt shares have slipped 27 percent in 2008, underperforming the BSE Healthcare index, which fell 4.9 percent.

Link to the article: http://in.reuters.com/article/businessNews/idINIndia-33242420080425

Biocon - Networth recommends `Accumulate` on Biocon

Networth recommended an Accumulate on Biocon (CMP: Rs. 509)

According to the analysts at Networth, the net sales of the company for FY08 grew by 10% (y-o-y) to Rs 10900 million, driven by a 29% y-o-y growth in contract research services and a 12% growth y-o-y from biopharmaceuticals. The EBIDTA margin has expanded by 300 bps to 32% at Rs 3350 million. The interest outgo has marginally increased while there has been a sharp increase in depreciation due to addition of fixed assets.

Net profit of the company has increased by 132% at Rs 4640 million. The company has declared 1:1 bonus to increase liquidity and a special dividend of Rs 2 per share on divestment of the enzyme business. At CMP of Rs 509 the stock is trading at a PE of 19x its consensus EPS of Rs 26.74 FY09E. They analysts say that currently they do not have any rating on the stock, however remain positive on the stock. They expect future positive triggers in the form of expect approval in 10 to 12 countries to market Insugen and listing of its clinical research services.

Link to the article: http://www.myiris.com/newsCentre/newsPopup.php?fileR=20080424124230094&dir=2008/04/24&secID=livenews

Biocon - Accumulate Biocon: Edelweiss

Edelweiss has maintained its accumulate rating on Biocon in its April 22, 2008 research report. "Biocon’s Q4FY08 results were in-line with our estimates, with YoY sales and EBITDA declining 4% and 2.4%, respectively, while net profit for the quarter grew 8.8% YoY. The company recorded other income of INR 120 million, significantly higher than our expectations, which helped boost profit for the quarter. EBITDA margin for the quarter was 31.1%, improving 50bps, while for the full year it stood at 28.4%. Reported net profit for FY08 (including exceptional items) was INR 4,554 million."

"With these numbers we don’t see any near-term trigger for the stock. The listing of Syngene in FY09E will be an event to watch out for, but, we believe, at current prices the upsides due to this unlocking of value are already included in the price. Its R&D projects in various phases are progressing well and any new development on this front (which is uncertain) could give the stock some upsides, going forward. At CMP of INR 509, the stock trades 21x FY09E numbers. We maintain our ‘ACCUMULATE’ recommendation," says Edelweiss research report.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Link to the article: http://www.moneycontrol.com/india/news/recommendations/accumulate-biocon:-edelweiss/335402