Alembic Pharma Q4 Review - U.S. Continues To Be Under Pressure: ICICI Securities
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ICICI Securities Report
Alembic Pharmaceuticals Ltd. reported Q4 FY21 performance largely in line with estimates, though Ebitda margin was higher due to lower operating costs.
Revenue in U.S. was below expectation at ~$63 million due to competitive pressure in sartans and the management indicated the U.S. revenue quarterly base would be between $55-60 million.
Consolidated revenues grew 6.1% YoY to Rs 12.8 billion (our estimate: Rs 13.1 billion), adjusted profit grew 7.6% YoY to Rs 2.5 billion (our estimate: Rs 2.0 billion) and Ebitda margin dropped 40 basis points YoY to 26.7% (our estimate: 24.7%).
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