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ICICI Securities Report
Strides Pharma Science Ltd. reported a steady Q4 FY21 performance with strong revenue growth, although margin was impacted by higher logistics costs.
Revenue grew 46.9% YoY to Rs 9.1 billion (our estimate: Rs 8.5 billion) with strong growth across businesses and Ebitda margin improved 400 basis points to 17.5% (our estimate: 19.8%) but Q4 FY20 was a low base due to ranitidine ban.
Sequentially Ebitda margin dropped 170 bps due to higher logistics costs despite strong revenue growth.
Ex-incremental costs, margin was strong at 20.3%.
U.S. grew 9.4% QoQ to $58 million led by new launches and traction in existing products.
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