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ICICI Securities Report
Alembic Pharmaceuticals Ltd.'s reported Q1 FY22 performance below our estimates with lower U.S. sales and weak Ebitda margin, despite strong growth in India business.
Revenue in U.S. was below expectation at ~$50 million due to competitive pressure in sartans and theophylline which led to significant price erosion.
Consolidated revenues declined 1.1% YoY to Rs 13.3 billion (our estimate: Rs 12.8 billion), adjusted profit declined 45.4% YoY to Rs 1.6 billion (our estimate: Rs 2.2 billion) and Ebitda margin dropped 1260 basis points YoY to 17.8% (our estimate: 25%).
We believe near term outlook remains muted due to significant erosion in U.S. sales which would also weigh on Alembic Pharma's margin.
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