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.
Motilal Oswal Report
Granules India Ltd.’s Q2 FY22 earnings were below estimates despite revenues being largely in-line.
The miss on the margin front was due to ongoing price inflation in key starting materials as well as elevated opex.
We cut our earnings per share estimate for FY22E/FY23E by 23%/14%, factoring in-
prolonged concerns on escalated raw material prices, particularly for paracetamol, and
China-led supply disruptions resulting in higher logistic costs.
Headwinds related to raw materials are expected to ease over the medium term, and Granules India continues its effort towards building the abbreviated new drug application pipeline.
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