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ICICI Securities Report
Shilpa Medicare Ltd. reported Q2 FY21 results largely in line with our estimates.
Revenue declined 3.8% YoY on a high base to Rs 2.8 billion (our estimate Rs 2.7 billion), however, adjusted for one-time licensing income in Q2 FY20 the growth stood at 28.4%.
Ebitda margin improved 110 basis points YoY to 24.6% (our estimate 24.8%) driven by controlled selling general and administrative expenses as gross margins dropped 540 basis points YoY.
Both active pharmaceutical ingredients and formulations performed well.
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