CLSA ON CADILA HEALTHCARE : 28.05.2021
* Cut rating from BUY to Outperform, Target at Rs 670/share
* A neat 10% beat on Ebitda; large tax writeback drives bigger beat on net profit
* Strong quarter for domestic business but weak print for export sales
* Long-term growth story intact given R&D initiatives; Recent 44% rally and margin pressure to cap significant upside
CLSA ON CADILA HEALTHCARE : 28.05.2021
