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ICICI Direct Report
Natco Pharma Ltd.’s Q2 FY22 revenues de-grew 53% YoY to Rs 377 crore due to sharp decline in export formulations (down 60% YoY to Rs 190 crore) and active pharma ingredients, which declined 62% YoY to Rs 76 crore.
Domestic formulations also posted de-growth of 5% YoY to Rs 103 crore due to likely reduction in sales of Covid-19 portfolio.
Ebitda margins contracted 1576 basis points YoY to 19% and Ebitda declined 74% YoY to Rs 70 crore.
Consequently, Natco Pharma's net profit for the quarter declined 68% YoY to Rs 65 crore. Delta vis-a-vis Ebitda was due to higher other income and lower tax being partially offset by higher depreciation and interest expense. [Note: Base of Q2 FY21 also includes a one-off settlement contribution].
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