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Nirmal Bang Report
We expect sequential growth in Q2 FY21 earnings for most names in our coverage universe.
This would be aided by a selective revival in growth in domestic branded formulations sales and QoQ growth in the U.S.
Cost savings on the selling general and administrative front, which aided Q1 FY21 earnings, should continue in Q2 FY21 too but at a lower rate as the Medical Representatives returned to work during the quarter.
Various sources suggest that MR activity is back to 50-75% of pre-Covid-19 levels.
Sales of Covid-19 drugs have boosted domestic performance of select companies in Q2 FY21.
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