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Nirmal Bang Report
We expect Q3 FY21 earnings for pharma names in our coverage universe to grow on a QoQ and YoY basis, led by revival in the growth in the Indian pharma market.
During the quarter, Indian Pharmaceutical Market grew in mid single digit YoY compared to low single digit in the previous quarter.
IPM trajectory is positive both on a QoQ and YoY basis. Even from a U.S. sales perspective, we expect a favourable trend on a QoQ basis.
However, we also expect partial reversal in operational cost savings to offset the benefit from the domestic business revival.
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