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Motilal Oswal Report
Ipca Laboratories Ltd. delivered an in-line Q2 FY22 at the operational level, but earnings were below expectations due to higher depreciation / tax rate for the quarter.
The strong show in the domestic formulation segment was offset, to a large extent, by the muted exports formulation and active pharma ingredient segments, which dragged down Ipca Labs' margins on a YoY as well as QoQ basis.
While we expect the domestic formulation business to sustain the robust growth momentum over the medium term, we reduce our FY22E/FY23E earnings share by 6%/3%, factoring in:
near-term challenges in the active pharma ingredient business,
elevated key starting materials/logistic costs, and
moderation in the export formulations business outlook.
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