Cadila Healthcare Q1 Review - In Line, Execution In Specialty To Drive Growth: Dolat Capital
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Dolat Capital Report
Cadila Healthcare Ltd. reported an in-line Q1 driven by domestic formulations (35% YoY growth –excluding Remdesvir) offsetting the subdued U.S. (pricing pressure, supply chain normalisation and absence of shortage led opportunities).
Revenue grew 14% YoY, controlled spend aided Ebitda margins at 23%.
Profit after tax grew 29% YoY at Rs 5.8 billion.
Net debt further reduced to Rs 31 billion in Q1 versus Rs 35 billion in FY21.
Cadila Healthcare's management guided for improvement of 80-100 basis points in Ebitda margins on the base of 22-23%; U.S. to remain at ~$200-210 million base for next few quarters as complex injectables to start contributing from FY23E onwards.
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