For 4QCY2012, Sanofi India reported mostly in-line results at the top-line front, while the net profit came in below our expectations. Sales grew by 18.6% yoy, while the net profit grew by 24.1% yoy mainly on back of higher deprecation. Sanofi’s net sales grew by 18.6% yoy to `401cr for 4QCY2012, mostly in-line with our estimate of `389cr. The company reported a gross margin of 49.7% (49.2% in 4QCY2011), lower than our estimate of 51.7%. Consequently, the OPM came in at 12.7%, lower than our estimate of 19.8%. The net profit came in at `45cr, up by 24.1% yoy, just- in-line with our estimate of `59.4cr. We expect net sales to post a 13.3% CAGR to `1,917cr and EPS to register a 13.4% CAGR to `99.1 over CY2012–14. At current levels, the stock is trading at 25.0x and 23.3x CY2013E and CY2014E earnings, respectively. Source: Angel Broking
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