Centrum Broking: Granules India Earnings At Inflection Point
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Centrum Broking Report
Amid the extraordinary times, Granules India Ltd. continues to post record quarterly performance well ahead of our estimates.
The record quarterly performance with revenue growth of 23% YoY and 17% QoQ was driven by market share expansion of existing products and new launches.
Improved product mix with pharmaceutical formulation intermediates and finished drugs backed nearly 70% of sales taking gross margins to 58% and Ebitda margins to highest ever 30%.
Also, Metformin relaunch is anticipated soon. The core five products contributed 70% of revenues this quarter.
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