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ICICI Securities Report
Strides Pharma Science Ltd. reported strong Q1 FY21 performance with 12% revenue and 14% Ebitda beat. The company witnessed strong recovery in growth across markets after weak performance in Q4 FY20.
Consolidated revenue grew 14.0% YoY to Rs 7.8 billion, Ebitda margin improved 130 basis points YoY to 19.3% led by strong revenue growth and adjusted profit after tax increased 58.3% to Rs 546 million.
Other markets (European Union, emerging markets and institutional) continued to scale-up. We believe U.S. market (ex-Ranitidine) would grow 9.6% compound annual growth rate over FY20-22 and company’s consolidated Ebitda margin would sustain at 20-21%.
Minimal capex requirement and healthy operational performance would help in generating free cash flow to firm of approximately Rs 9 billion over FY21-22.
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