DISH's extremely poor performance in the Dec10 quarter, and in many quarters before it, raises questions of structural weakness in the business. CRAMS plunged for the seventh straight quarter in a row. More striking is a sharp drop in segment profitability across assets. As assets get commercialized, and the debt continues to rise rapidly, profitability is likely to remain under check. The extremely sharp weakness in operating margins is shocking. Management's comments on near-mismanagement in Carbogen Amcis do little to soothe our fears. Some positive swing could materialize in FY12f/FY13f as contracts go in for commercialization. DISH proposes to share details on its CRAMS pipeline in the coming days. Thus, while these may iron out challenges over the longer run, the coming quarters are likely to remain under stress. Lower Dec11 target to INR75. Downgrade to Sell.
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