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ICICI Direct Report
Ipca Laboratories Ltd.’s Q2 revenues grew 6% YoY to Rs 1361 crore (our estimate Rs 1447 crore) mainly due to 21.2% YoY growth in active pharmaceutical ingredient segment to Rs 381 crore partly offset by 1.4% YoY de-growth in domestic segment to Rs 536 crore.
Export formulation revenues grew 6.9% YoY to Rs 364 crore.
Ebitda margins improved 586 basis points YoY to 26.5% (our estimate: 28.0%) due to higher gross margins, lower other expenditure.
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