Cadila Healthcare Q3 Review - Strong Domestic Growth Partly Offset By U.S. Decline: ICICI Direct
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ICICI Direct Report
Cadila Healthcare Ltd.’s Q3 FY21 revenues grew 4.3% YoY to Rs 3,796 crore (our estimate Rs 3,906 crore).
Domestic formulations posted strong growth of 21.2% YoY to Rs 1,104 crore. However, U.S. sales declined 4.3% YoY to Rs 1,603 crore.
Wellness segment also grew a robust 15.8% YoY to Rs 376 crore. Emerging markets grew 10.9% YoY to Rs 293 crore.
Active pharmaceutical ingredient segment de-grew 18.8% YoY to Rs 132 crore. Animal health segment grew 17.0% YoY to Rs 163 crore.
Ebitda margins expanded 220 basis points YoY to 21.3% (our estimate 21.2%) due to a better overall operational performance.
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