Alkem Labs: Pick-Up Starts In Acute Portfolio, Says ICICI Securities
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ICICI Securities Report
Alkem Laboratories Ltd. has underperformed BSE Healthcare Index in the last one year mainly due to acute heavy portfolio which was impacted by Covid-19.
In our view, this temporary impact on acute portfolio caused by the lockdown has already been captured in the stock’s underperformance. However, as per All Indian Origin Chemists and Distributors (secondary sales) data, anti-infectives and gastro-intestinal, the two largest therapeutic segments for the company, have witnessed healthy ramp-up in growth.
Additionally, growth in FY22E may hold room for some positive surprise considering the low base of FY21.
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