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Dolat Capital Report
Suven Pharmaceuticals Ltd. reported a sales growth of 27% YoY (in line with our estimates) led by strong growth in specialty–chemical segment which was up two times YoY.
Despite increase in raw material cost, gross margin improved marginally by 26 basis points YoY, led by favorable product mix. However, Ebitda margin declined by 103 bps YoY, primarily due to inflationary freight cost.
Total phase three molecules now stand at five. Net profit came in at Rs 1 billion, which includes subsidiary dividends.
Management reiterated its guidance of 10-15% growth in top-line with Ebitda margins in the range of 35-40% for FY22.
We believe Suven Pharma is being cautious in its margin guidance.
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