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ICICI Securities Report
Natco Pharma Ltd.’s Q1 FY22 performance was below estimates with a miss in exports and active pharma ingredient revenues.
However, India business recovered well with recovery in oncology business and upside from Covid-19 related portfolio.
Revenue declined 27.2% to Rs 4.1 billion while adjusted profit after tax dropped 38.9% to Rs 750 million (our estimate: Rs 928 million).
Ebitda margin was also down 360 basis points YoY to 26.8% due to lower revenue.
Continued pressure on domestic oncology segment, though recovering sequentially and weak exports sales were key reasons for Natco Pharma's weak quarter.
However, this doesn’t change the FY22-FY23 outlook materially in terms of key product opportunities like Revlimid, Nexavar, Everolimus, etc.
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