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Yes Securities Research Report
Ipca Laboratories Ltd.'s domestic business continues to exhibit robust strength though exports formulations were largely affected with all segments falling sequentially after a strong Q1.
Ipca Labs' active pharma ingredients business was disrupted majorly due to sartan issue which is expected to be resolved by Q4 FY22. Q3 is expected to be underwhelming with pressures on revenues as well as margin front.
Albeit, domestic business is trending better than guidance and reckon it would cushion some of the input cost pressures and export revenue led weakness in H2.
Overall, we believe cost pressure led weakness in margin is relatively quick to resolve (through price hikes if it lasts longer or, as is expected, raw material costs cool off) rather than any sluggishness emanating from slower revenue growth.
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