Pharma Sector Q2FY10 Result Prognosis

Sector View Global Pharma industry increased by 4.8% to USD 773.1bln in FY08. US and European market grew by 1.4% and 5.8% respectively. Indian Pharma industry grew by 10% for FY08 and is expected to grow by 12-13% in FY09.

Indian Pharma Indian Pharma Generics CRAMSMNCsAPIs

Piramal Healthcare ( Rs. mln)Q2FY10PQ2FY09FY09FY10P Net Sales Expenditure EBIDTA Interest Depreciation PAT Net Sales Growth 8.7%17%16%15% PAT Growth 46%42%(5%)48% EBIDTA Margin PAT Margin EPS

Biocon ( Rs. mln)Q2FY10PQ2FY09FY09FY10P Net Sales Expenditure EBIDTA Interest Depreciation PAT Net Sales Growth(%) PAT Growth(%) 161(54)(78)141 EBIDTA Margin(%) PAT Margin(%) EPS

Dishman Pharma ( Rs. mln)Q2FY10PQ2FY09FY09FY10P Net Sales Expenditure EBIDTA Interest Depreciation PAT Net Sales Growth(%) PAT Growth(%) 724(90)2211 EBIDTA Margin(%) PAT Margin(%) EPS

Jubilant Organosys ( Rs. mln)Q2FY10PQ2FY09FY09FY10P Net Sales Expenditure EBIDTA Interest Depreciation PAT Net Sales Growth(%) PAT Growth(%) (3) EBIDTA Margin(%) PAT Margin(%) EPS

Recommendation COMPANYCMPRECOTARGET Piramal HealthcareBuy Jubilant OrganosysBuy BioconBuy DishmanHold