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Nirmal Bang Report
We expect Q1 FY22 revenue and margins to improve for most pharmaceutical companies in our coverage universe, led by strong growth in domestic branded formulation sales.
Domestic formulation year-on-year sales growth was aided by a surge in demand for Covid-19 drugs and a subdued base since Q1 FY21 was a wash-out on account of the nationwide lockdown.
The U.S. revenues remained flattish with most companies growing by less than 2% in volume terms on a sequential QoQ basis.
However, Cipla Ltd. has been an exception as it has registered 5% QoQ volume growth in the U.S. market.
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