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ICICI Securities Report
Alkem Laboratories Ltd.'s reported Q4 FY21 performance was below estimate due to lower U.S. sales, higher selling general and administrative expenses and also inventory provisioning of Rs 800 million.
Revenue growth stood at 7.0% YoY to Rs 21.9 billion (our estimate: Rs 22.4 billion) driven by strong 17.1% increase in India sales.
India business contributed ~67% to the revenues and we believe it would be the key driver for the company.
Adjusted Ebitda margin improved 210 basis points YoY to 16.9% largely benefiting from better revenue mix.
U.S. sales were weak but we expect revenue to improve in coming quarters with new launches.
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