BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Prabhudas Lilladher Report
We revise our earnings estimates for FY22E by 2% while increasing by 3% in FY23E due to better India formulations prospects from Covid-19 opportunity, partially offset by lower growth in South Africa and other emerging markets.
The company surpassed its earlier cost saving of Rs 4-5 billion for FY21E and we believe part of it would continue in FY22E/23E too.
Its recent performance in Q4 was below our estimates due to:
Unfavorable product mix with lack of Covid-19 portfolio growth in India.
Anti-infective portfolio continued to setback lower volume in India.
Stagnant U.S. sales at around $140 million over four quarters, despite launching key products.
Lack of growth in South Africa with adverse forex and lower tender business.
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