Alkem Labs - Excluding One-Offs, Q1 Delivers Beat; Healthy Growth Outlook: Dolat Capital
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Dolat Capital Report
Alkem Laboratories Ltd.'s Q1 was aided by recovery in acute portfolio aided by Covid-19 associated drugs.
Excluding one-offs such as inventory provision of Rs 380 million in the U.S. and gratuity liability provision of Rs 290 million, Alkem Labs' Ebitda margins came in at 24% versus expectation of 22.6%.
U.S. sales (down 9% YoY at $82 million) was impacted due to-
high base led by inventory stocking YoY,
loss in market share of acute products and
India business (up 65% YoY) was 18% above expectations driven by volume led growth in acute portfolio (vitamins-mineral-nutrients, anti-infective).
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