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Motilal Oswal Report
Cadila Healthcare Ltd. delivered in-line performance for Q1 FY21. The decline in domestic formulation (DF) and consumer healthcare was more than offset by lower operating cost.
This resulted in 20%/26% YoY Ebitda/profit after tax growth versus 4% YoY revenue growth. Cadila Healthcare is progressing well to build Injectable/vaccine/biosimilars as additional levers of growth for the next two to three years.
We have raised our earnings estimates for FY21/FY22E by 10%/9% to reflect better operating leverage/growth outlook for DF.
We remain positive on Cadila Healthcare due to robust abbreviated new drug application (ANDA) pipeline (including injectables/transdermals), renewed strategy in DF and completion of remediation measures at Moraiya formulation facility.
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