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.
Centrum Broking Report
FDC Ltd.’s Q1 FY22 numbers were well ahead of our estimates, with strong recovery in domestic acute market benefiting FDC.
Domestic revenue grew 61% YoY, driven by strong recovery in Zifi, Electral and Enerzal.
Export formulations declined 28% YoY and 25% QoQ to Rs 431 million (10% of sales).
Weakness in exports business was driven by U.S. sales being impacted by competition.
Gross margins were lower amid lower profit share from the U.S.
Meanwhile, Ebitda margins sustained at 26%, despite higher staff costs and other expenses sequentially due to improving domestic on-ground activities, driven by strong domestic margins.
We expect the domestic recovery to remain strong on a weak base while we watch closely the U.S. revenue impact from higher competition.
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