However, Macquarie has an outperform rating on the stock with a target of Rs 220 per share but has cut FY15/ FY16E earnings per share to Rs 23.60/Rs 30.30.
Shares of Jubilant Life Sciences tanked 13 percent intraday on Wednesday after it reported dismal July-September quarter results. The drug company's net loss widened to Rs 94.11 crore in Q2 from Rs 80.58 in year-ago period.
During the quarter, its net sales fell around 4 percent to Rs 1362.11 crore. Its EBITDA margin fell to 8.1 percent primarily due to warning letter at Spokane and slowdown in Advanced Intermediates business in Chinese market.
However, Macquarie has an outperform rating on the stock with a target of Rs 220 per share but has cut FY15/ FY16E earnings per share to Rs 23.60/Rs 30.30.
According to the brokerage, margins recovery will be the key. The company expects margin to recover going forward as Montreal facility is back to normal production and the Spokane facility will resume full production by 4Q FY15.
At 12:04 hrs Jubilant Life Sciences was quoting at Rs 148.00, down Rs 16.85, or 10.22 percent on the BSE.
Posted by Nasrin Sultana
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