INDIA Pharma

Dishman Pharma
Result Update
6 November 2013
Target Price CMP* Upside Previous Target Previous Rating Price Performance (%)* 1M DISH IN NIFTY 23.3 5.5 6M Rs110 Key Data Rs76 Bloomberg Code

Buy

Bright future
We maintain strong conviction Buy for Dishman Pharma (DPCL) and raise the target price to Rs110 from Rs91 due to good results for Q2FY14. DPCL posted increase in sales of 20%YoY, margin improvement of 520bps and net profit rise of 59%YoY that went beyond our expectations. The management has indicated that the outlook for the CRAMS segment had improved and the company was able to grow at 25%YoY in this segment. The management expects hipo and generic API businesses to be future growth drivers. Key risks to our assumptions are lower capacity utilisation of China facility resulting in losses and unproductive Rs1.0bn investments in SEZ at Bawla. We have revised our target price based on 6x Sept15 EPS of Rs18.2. Good sales growth: DPCL reported 20%YoY growth in revenues to Rs3.55bn from Rs2.97bn due to strong growth in the CRAMS segment. The companys CRAMS segment (67% of revenues) grew by 25%YoY to Rs2.36bn from Rs1.88bn. The major contributor to CRAMS was Carbogen Amcis (CA) which grew by 49%YoY to Rs1.67bn from Rs1.11bn. DPCLs others business (33% of revenues) grew by 16%YoY to Rs1.17bn from Rs1.01bn. The major contributor in others segment vitamin Ds revenues declined by 7%YoY to Rs488mn from Rs522mn. Margin improves: DPCLs EBIDTA margin improved by 520bps YoY to 27.4% from 22.2% mainly due to the reduction in material cost which declined by 450bps to 24.7% from 29.2% due to strong growth of CA. Personnel cost went up by 120bps to 29.7% from 28.5% due to senior level recruitments. Other expenses declined by 190bps to 18.2% from 20.1% due to strong sales growth. We expect EBIDTA margin to improve due to the commencement of vitamin D facility in Netherlands. Sharp rise in net profit: DPCLs net profit grew by 59%YoY to Rs423mn from Rs266mn due to improvement in EBIDTA margin and lower tax rate. The companys tax provision came down to 19.1% from 21.1% of PBT. We expect the momentum to be maintained due to strong growth of CA, rise in vitamin D realisation and Netherland facility commencing production. We expect improvement in profitability in FY15 from hipo and Brilinta intermediate supplies. Valuations and risks: We have revised our target price to Rs110 from Rs91 due to good performance during the quarter and bright outlook. Our target price is based on 6x Sept15 EPs of Rs18.2 with 46.8% upside over CMP. Key risks to our assumptions are lower capacity utilisation of China facility resulting in losses and unproductive Rs1.0bn investments in SEZ at Bawla.

DISH IN 80.7 80.7 6.2/99.8 124.5/37.1 261.6/31.5 819327

46.8% Curr Shares O/S (mn) Rs91 Diluted Shares O/S(mn) Buy Mkt Cap (Rsbn/USDmn) 52 Wk H / L (Rs) 1Yr 5 Year H / L (Rs)

1.5 (22.6) Daily Vol. (3M NSE Avg.) 4.4 8.9

*as on 5 November 2013; Source: Bloomberg, Centrum Research

Shareholding pattern (%)

Sep-13 Promoter FIIs Dom. Inst. Public & Others Source: BSE 61.7 7.4 3.5 27.4 Jun-13 61.4 8.6 6.4 23.6 Mar-13 61.4 9.1 6.1 23.4 Dec-12 61.4 8.4 6.0 24.2

Trend in EBIDTA margin (%)

(%) 30.0 25.0 20.0 15.0 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14

Source: Company, Centrum Research Estimates

Trend in Material cost (%)

(%) 35.0 30.0 25.0 20.0 15.0 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14

Particulars (Rs mn)

Q2FY14

Q2FY13

YoY (%)

Q1FY14

QoQ (%)

Q2FY14E

% Var.

Source: company, Centrum Research Estimates

Total income Total Expenditure EBIDTA EBIDTA Margin (%) Other income PBDIT Forex (gain)/ Loss Depreciation Interest PBT Prov. For tax % of PBT PAT EO items Reported PAT Equity capital EPS Rs.(Rs. 2 Paid up)

3,549 2,577 972 27.4 16 988 0 276 189 523 100 19.1 423 0 423 161 5.3

2,971 2,311 660 22.2 13 673 0 204 132 337 71 21.1 266 0 266 161 3.3

19.5 11.5 47.3 23.1 46.8 35.3 43.2 55.2 40.8 59.0 NA 59.0 0.0 59.0

3,067 2,210 857 27.9 14 871 0 252 280.5 338 46 13.5 292 0.1 292 161 3.6

15.7 16.6 13.4 15.1 13.4 9.4 (32.6) 54.6 118.3 44.7 NA 44.7 (0.2) 45.0

3,175 2,280 895 28.2 15 910 0 270 290 350 55 15.7 295 0 295 161 3.7

11.8 13.0 8.6 6.7 8.6 2.2 (34.8) 49.4 81.8 43.4 NA 43.4 0.0 43.4

Centrum vs. Bloomberg Consensus*

FY14E Particulars (Rs mn) Sales EBITDA PAT Centrum 14,104 3,463 1,148 BBG 13,930 3,194 1,179 Chg (%) Centrum 1.3 8.4 (2.6) 15,890 3,979 1,332 FY15E BBG 15,590 3,575 1,438 Chg (%) 1.9 11.3 (7.4)

*as on 19 October2013;
Bloomberg Consensus BUY 9 SELL 0 HOLD 2 Target Price (Rs) 113 Centrum Target Price (Rs) 110 Variance (%)

(2.3)

*as on 5 November2013; Source: Bloomberg, Centrum Research

Ranjit Kapadia, ranjit.kapadia@centrum.co.in

91 22 4215 9645

Source: Company, Centrum Research

Y/E Mar (Rs mn) FY12 FY13 FY14E FY15E FY16E

Revenue 11,241 12,722 14,104 15,890 17,570

YoY (%) 9.0 13.2 10.9 12.7 10.6

EBITDA 2,245 2,901 3,463 3,979 4,522

EBITDA(%) 20.0 22.8 24.6 25.0 25.7

Adj. PAT 568 1,003 1,148 1,332 1,602

YoY (%) (29.1) 76.6 14.4 16.0 20.3

DEPS (Rs) 7.1 12.4 14.2 16.5 19.9

RoE (%) 6.1 9.7 10.1 10.6 11.5

RoCE (%) 6.0 8.2 9.4 10.5 12.0

PE (x) 10.6 6.0 5.3 4.5 3.8

Source: Company, Centrum Research Estimates

Centrum Equity Research is available on Bloomberg, Thomson Reuters and FactSet

Conference call highlights

o The management informed that Q2FY14 was an extremely good quarter with strong growth of Carbogen Amcis (CA). o o o o o o o The forex loss during the quarter was Rs2.2mn against forex gain of Rs132.8mn. The management indicated that CRAMS and generic API businesses were looking positive in the US. The company has recruited senior sales people in the US. The Hipo facility at Bawla is completely operational and the current order book is ~ $8mn (Rs500mn). The EBIDTA margin of CA has improved to 31.9% from 18.0%. The management informed that CA was working on high value linkers costing euro 0.4mn for 10g of material and it had entered at the right time in this business. It indicated that the order book from big pharma was improving. DPCLs vitamin D facility in Netherlands has become operational after renovation. The management expects margin improvement of 100-200bps due to the starting of this facility. The management expects vitamin D revenues to improve due to firming up of global prices. This business is expected to generate revenues of Rs2.3bn in FY14 and Rs2.5bn in FY15. DPCLs China facility has begun production and is likely to break even by the end of FY14. DPCL has gross debt of Rs8.6bn of which Rs5.4bn is in foreign currency. The company is repaying Rs1.0bn debt every year. The management has indicated that the capex for FY14 would be Rs150mn. The management has guided CA revenues of Rs6.5bn and EBIDTA margin of 17-18% for FY14. The overall revenues for DPCL for FY14 are expected at Rs12.0-12.5bn with EBIDTA margin of 27-28% and net profit guidance of Rs1.1bn. The management is optimistic on FY15 as the Brilinta order for Astra Zeneca (AZ) will be executed apart from improved vitamin D margins and better performance of CA.

o o o o

Dishman Pharma

Sales composition
DPCLs CRAMS business (67% of revenues) grew by 25%YoY to Rs2.36bn from Rs1.88bn due to the strong growth of its subsidiary Carbogen Amcis (CA). The companys other business (33% of revenues) grew by 16%YoY to Rs1.17bn from Rs1.01bn. Other business consists of vitamin D, Quats and generic API. CA (47% of total revenues) reported 49%YoY revenue growth to Rs1.67bn from Rs1.11bn. The companys vitamin D business (14% of total revenues) sales declined by 7%YoY to Rs488mn from Rs522mn due to the closure of vitamin D facility at Netherlands for upgradation. The PBIT margin of CRAMS business improved to 21.9% from 11.9% and that of others business of marketable molecules (MM) dropped to 16.7% from 24.2%. Detailed revenues are shown in the following table: Exhibit 1: Sales composition
PARTICULARS (Rs mn) CRAMS % of total sales Marketable molecules(MM) % of total sales Total Source: company, Centrum Research Q2FY14 2,359 66.8 1,170 33.2 3,529 Q2FY13 1,884 65.1 1,009 34.9 2,893 22.0 16.0 YoY% 25.2 Q1FY14 2,140 69.9 922 30.1 3,062 15.2 26.8 QoQ% 10.2 Q2FY14E 2,200 69.4 970 30.6 3,170 11.3 20.6 % Var. 7.2

Target price revision

We have revised DPCLs target price to Rs110 from Rs91 based on 6x Sept15 EPS of Rs18.2. Our earlier target price was based on 5xSept15 EPS of Rs18.2. The change of multiple is based on the following: Good sales growth of 20% during the quarter due to strong sales of 49%YoY at CA. Strong sales growth of 25%YoY in CRAMS business. Margin improvement by 520bps YoY to 27.4% from 22.2%. EBIDTA margin of CA improves to 31.9% from 18.0%. Decline in 450bps in material cost to 24.7% from 29.2% due to lower material cost of CA. Net profit improved by 59%YoY to Rs423mn from Rs266mn. We expect the growth momentum to continue in future due to improvement in CRAMS business, Brilinta intermediate order from Astra Zeneca and rise in hipo production.

The key risks to our assumptions are: China unit making losses due to lower capacity utilisation. Unproductive investment of ~Rs1.0bn in SEZ at Bawla.

Dishman Pharma

Exhibit 2: Sensitivity Analysis

Sensitivity to key variables-FY14E Sales Material cost
Source: Company, Centrum Research Estimates

% increase 1 1

% impact on EBITDA 4.1 (1.1)

% impact on EPS 12.3 (3.2)

Exhibit 3: 1 year forward EV/EBITDA chart

20.0 15.0 10.0 5.0 0.0

Exhibit 4: 1 year forward P/E chart

25 20 15 10 5

Jun-06 Oct-06 Feb-07 Jun-07 Oct-07 Feb-08 Jun-08 Oct-08 Feb-09 Jun-09 Oct-09 Feb-10 Jun-10 Oct-10 Feb-11 Jun-11 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12

Feb-08

Feb-09

Feb-10

Feb-11

Feb-12

Feb-13

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

EV/EBITDA Mean + Std Dev

Source: Bloomberg, Company, Centrum Research Estimates

Mean Mean - Std Dev

P/E Mean + Std Dev

Source: Bloomberg, Company, Centrum Research Estimates

Mean Mean - Std Dev

Exhibit 5: Comparative Valuations

Company Dishman Shasun Pharma Jubilant Life Divi's Laboratories Suven Life Mkt Cap (Rs mn) 6,222 4,839 16,908 131,865 6,969 CAGR FY13-FY15E (%) Rev. 11.8 20.0 13.6 18.7 19.5 EBITDA 17.2 8.9 18.8 30.1 PAT 15.2 76.8 19.5 40.2 EBITDA Margin (%) FY13 22.8 10.8 20.6 38.2 21.7 FY14E 24.6 18.3 38.0 25.1 FY15E 25.0 18.9 38.2 25.8 PE (x) FY13 FY14E FY15E 6.0 8.9 11.1 21.9 22.6 5.3 7.5 5.0 18.6 14.1 4.5 6.6 3.7 15.3 11.5 EV/EBITDA (x) FY13 FY14E FY15E 4.8 7.5 5.9 15.6 6.5 3.8 5.0 13.3 3.1 4.0 10.7 RoE (%) FY13 FY14E FY15E 9.7 21.5 6.4 26.0 21.9 10.1 22.0 12.2 25.6 24.2 10.6 17.0 16.4 26.3 22.9 Div Yield (%) FY13 FY14E FY15E 1.6 1.8 2.8 1.5 0.5 1.9 2.3 3.1 1.8 2.1 3.6 2.1 -

Source: Centrum Research Estimates, Bloomberg estimates

Dishman Pharma

Jun-13

Oct-13

Exhibit 6: Quarterly Financials

PARTICULARS (Rs mn) P&L Total Revenues Material cost Personnel expenses Other expenses Total Expenses EBIDTA Other income PBDIT Interest Depreciation Profit before tax Tax provision Net profit Growth (%) Revenues EBIDTA Net profit Margin (%) EBIDTA Profit before tax Net margin
Source: Company, Centrum Research

Q3FY12 2,662 880 722 567 2,169 493 7 500 49 191 260 93 167 11.9 56.7 856.0 18.5 9.8 6.3

Q4FY12 3,501 1,212 803 663 2,677 824 96 920 218 181 521 208 313 (0.0) 34.4 36.2 23.5 14.9 8.9

Q1FY13 3,163 842 862 613 2,317 846 16 862 231 193 438 50 387 30.3 71.8 156.0 26.8 13.8 12.2

Q2FY13 2,971 868 846 597 2,311 660 13 673 132 204 337 71 266 12.1 51.9 (515.6) 22.2 11.3 9.0

Q3FY13 3,253 1,086 911 613 2,609 644 40 684 252 207 225 61 164 22.2 30.6 (2.0) 19.8 6.9 5.0

Q4FY13 3,483 963 891 878 2,732 751 109 860 173 234 454 268 186 (0.5) (8.9) (40.7) 21.5 13.0 5.3

Q1FY14 3,067 753 922 534 2,210 857 14 871 281 252 338 46 292 (3.0) 1.3 (24.5) 27.9 11.0 9.5

Q2FY14 3,549 877 1,053 647 2,577 972 16 988 189 276 523 100 423 19.5 47.3 59.0 27.4 14.7 11.9

Exhibit 7: Key Performance Indicators

Assumptions CRAMS growth % Others Growth % Material cost %
Source: Company, Centrum Research Estimates

FY12 9.4 20.6 34.2

FY13 13.5 12.0 29.5

FY14E 4.9 21.6 25.9

FY15E 16.0 7.7 25.9

FY16E 11.0 9.9 25.5

Dishman Pharma

Financials-consolidated
Exhibit 8: Income Statement
Y/E Mar (Rs mn) Net Sales -Growth (%) Material Cost % of sales Personnel Expenses % of sales Other expenses % of sales Operating Expenses % of sales EBIDTA -EBIDTA margin (%) Depreciation EBIT Interest PBT from operations Other non operating income PBT -PBT margin (%) Provision for tax Effective tax rate (%) Net profit -Growth (%) -Net profit margin (%) FY12 11,241 9.0 3,846 34.2 2,941 26.2 2,209 19.7 8,996 80.0 2,245 20.0 765 1,480 729 751 129 880 7.8 311 35.3 568 (29.1) 5.1 FY13 12,722 13.2 3,759 29.5 3,509 27.6 2,553 20.1 9,821 77.2 2,901 22.8 838 2,063 788 1,275 178 1,453 11.4 450 31.0 1,003 76.6 7.9 FY14E 14,104 10.9 3,658 25.9 4,350 30.8 2,633 18.7 10,641 75.4 3,463 24.6 957 2,506 960 1,546 140 1,686 12.0 538 31.9 1,148 14.4 8.1 FY15E 15,890 12.7 4,115 25.9 4,870 30.6 2,927 18.4 11,912 75.0 3,979 25.0 1,087 2,892 1,070 1,822 160 1,982 12.5 650 32.8 1,332 16.0 8.4 FY16E 17,570 10.6 4,475 25.5 5,360 30.5 3,213 18.3 13,048 74.3 4,522 25.7 1,180 3,342 1,180 2,162 180 2,342 13.3 740 31.6 1,602 20.3 9.1

Exhibit 10: Balance Sheet

Y/E Mar (Rs mn) Share capital Share application money Reserves & surplus Total shareholder's fund Loan fund Deferred tax liability Total capital employed Gross block Accumulated depreciation Net Block Capital WIP Net fixed assets Investments Goodwill on consolidation Cash and bank Inventories Debtors Other current assets and loans and advances Total current assets and loans and advances Current liabilities and provisions Net current assets Deferred tax assets Total assets FY12 161 18 9,140 9,319 7,454 446 17,219 14,605 (4,043) 10,562 3,830 14,392 263 123 239 2,670 1,869 2,945 7,986 5,282 2,704 17,219 FY13 161 37 10,147 10,345 7,997 580 18,922 18,845 (5,239) 13,606 974 14,580 249 123 210 3,383 730 3,638 8,210 3,991 4,219 18,922 FY14E 161 37 11,175 11,373 7,210 610 19,193 19,120 (6,196) 12,924 1,000 13,924 266 123 1,159 3,441 1,950 4,270 11,086 5,939 5,146 19,193 FY15E 161 37 12,353 12,551 6,282 640 19,473 19,490 (7,283) 12,207 1,020 13,227 267 123 716 4,267 1,060 4,748 11,058 4,935 6,123 19,473 FY16E 161 37 13,782 13,981 5,412 670 20,063 19,910 (8,463) 11,447 1,080 12,527 269 123 1,715 4,402 2,280 5,690 14,356 6,943 7,413 20,063

Source: Company, Centrum Research Estimates

Exhibit 9: Key Ratios

Y/E Mar (Rs mn) Growth Matrices (%) Net sales EBIDTA Adjusted PAT Profitability Matrices (%) EBIDTA margin EBIT margin PAT margin Return ratios (%) ROE ROCE ROIC Turnover Ratios (days) Inventory Debtors Creditors Solvency Ratio (X) Debt-equity Net Debt -equity Liquidity ratio Interest coverage Dividend DPS Rs. Dividend Yield (%) Dividend Payout (%) Per share (Rs) Basic EPS (reported) FDEPS (reported) FDEPS(adjusted) BVPS CEPS Valuation metrices (x) P/E P/BV EV/EBIDTA EV/Sales FY12 9.0 10.8 (29.1) 20.0 14.3 5.1 6.1 6.0 9.4 87.2 58.5 149.7 0.8 0.8 1.5 2.2 1.2 1.6 17.0 7.0 7.0 7.1 115.5 16.5 10.6 0.6 6.0 1.2 FY13 13.2 29.2 76.6 22.8 17.6 7.9 9.7 8.2 11.9 86.8 37.3 145.3 0.8 0.8 2.0 2.8 1.2 1.6 9.7 12.4 12.3 12.4 128.2 22.8 6.0 0.6 4.8 1.1 FY14E 10.9 19.4 14.4 24.6 18.8 8.1 10.1 9.4 14.6 88.3 34.7 138.7 0.6 0.5 1.8 2.8 1.4 1.9 9.8 14.2 14.1 14.2 140.9 26.1 5.3 0.5 3.8 0.9 FY15E 12.7 14.9 16.0 25.0 19.2 8.4 10.6 10.5 16.2 88.5 34.6 132.2 0.5 0.4 2.2 2.9 1.6 2.1 9.7 16.5 16.3 16.5 155.5 30.0 4.5 0.5 3.1 0.8 FY16E 10.6 13.7 20.3 25.7 20.0 9.1 11.5 12.0 19.1 90.0 34.7 129.1 0.4 0.3 2.0 3.0 1.8 2.4 9.1 19.9 19.7 19.9 173.3 34.5 3.8 0.4 2.5 0.7

Source: Company, Centrum Research Estimates

Exhibit 11: Cash Flow

Y/E Mar (Rs mn) Cash flow from operations Net Profit Depreciation and amortization Change in working capital Deferred tax assets Other non-cash charges Deferred tax liability Goodwil on consolidation Cash flow from operations Cash flow from investments Capex Other investing activities Cash flow from investments Cash flow from financing Inc / (dec) in long term debt Dividends paid Share issuance / (repurchase) Cash flow from financing Net cash increase/(decrease) FY12 568 765 948 28 44 95 (46) 2,402 FY13 1,003 838 (1,555) 20 134 441 FY14E 1,148 957 410 (9) 30 2,536 FY15E 1,332 1,087 (1,259) (10) 30 1,180 FY16E 1,602 1,180 (69) (10) 30 2,733

(995) (249) (1,244)

(1,409) 14 (1,395)

(301) (17) (318)

(390) (1) (391)

(480) (2) (482)

(1,235) (113) 2 (1,345) (186)

543 (113) 19 450 (504)

(787) (134) (921) 1,296

(928) (154) (1,082) (293)

(870) (173) (1,043) 1,209

Source: Company, Centrum Research Estimates

Source: Company, Centrum Research Estimates

Dishman Pharma

Appendix A
Disclaimer
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Dishman Pharma

The opinions and projections expressed herein are entirely those of the author and are given as part of the normal research activity of Centrum Broking and are given as of this date and are subject to change without notice. Any opinion estimate or projection herein constitutes a view as of the date of this report and there can be no assurance that future results or events will be consistent with any such opinions, estimate or projection. This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or any of its directors or any other person. Information in this document must not be relied upon as having been authorized or approved by the company or its directors or any other person. Any opinions and projections contained herein are entirely those of the authors. None of the company or its directors or any other person accepts any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith. Centrum and its affiliates have not managed or co-managed a public offering for the subject company in the preceding twelve months. Centrum and affiliates have not received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for service in respect of public offerings, corporate finance, debt restructuring, investment banking or other advisory services in a merger/acquisition or some other sort of specific transaction. As per the declarations given by them, Mr. Ranjit Kapadia, research analyst and and/or any of his family members do not serve as an officer, director or any way connected to the company/companies mentioned in this report. Further, as declared by him, he has not received any compensation from the above companies in the preceding twelve months. He does not hold any shares by him or through his relatives or in case if holds the shares then will not to do any transactions in the said scrip for 30 days from the date of release such report. Our entire research professionals are our employees and are paid a salary. They do not have any other material conflict of interest of the research analyst or member of which the research analyst knows of has reason to know at the time of publication of the research report or at the time of the public appearance. While we would endeavour to update the information herein on a reasonable basis, Centrum, its associated companies, their directors and employees are under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent Centrum from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or Centrum policies, in circumstances where Centrum is acting in an advisory capacity to this company, or any certain other circumstances. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Centrum Broking Limited or its group companies to any registration or licensing requirement within such jurisdiction. Specifically, this document does not constitute an offer to or solicitation to any U.S. person for the purchase or sale of any financial instrument or as an official confirmation of any transaction to any U.S. person unless otherwise stated, this message should not be construed as official confirmation of any transaction. No part of this document may be distributed in Canada or used by private customers in United Kingdom. The information contained herein is not intended for publication or distribution or circulation in any manner whatsoever and any unauthorized reading, dissemination, distribution or copying of this communication is prohibited unless otherwise expressly authorized. Please ensure that you have read Risk Disclosure Document for Capital Market and Derivatives Segments as prescribed by Securities and Exchange Board of India before investing in Indian Securities Market.

Rating Criteria Buy: TP upside of >15% (>25% for stocks with market cap <Rs20bn) Hold: TP upside of between -15% and +15% (-25% to +25% for stocks with market cap <Rs20bn) Sell: TP downside of 15% or more (more than 25% for stocks with market cap of <Rs20bn)
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Dishman Pharma