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Dolat Capital Report
Alkem Laboratories Ltd. reported an in-line Q2 driven by exports and speedy recovery in India.
Despite an acute heavy portfolio, India formulations were flattish YoY, up 35% QoQ exhibiting a sharp recovery aided by double digit growth in trade generics.
U.S. (84 million dollar) was strong with 12% constant currency growth backed by new launches and market share gains.
As marketing and promotional activities resume slowly in India (approximately 70%), Ebitda margins came 120 basis points lower sequentially at 25.4%.
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