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Centrum Broking: Sanofi India Posts Steady Quarter Aided By Lower Spend During Pandemic 

Centrum Broking: Sanofi India Posts Steady Quarter Aided By Lower Spend During Pandemic

Blister packs containing Priadel tablets, produced by Sanofi, sit on a pharmacy counter in this arranged photograph in London, U.K. (Photographer: Chris Ratcliffe/Bloomberg)
Blister packs containing Priadel tablets, produced by Sanofi, sit on a pharmacy counter in this arranged photograph in London, U.K. (Photographer: Chris Ratcliffe/Bloomberg)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Centrum Broking Report

Sanofi India Ltd. delivered quarterly earnings ahead of our estimates. It reported decline in revenue by 5% YoY, but the results are not exactly comparable as Ankleshwar hive-off to Zentiva was completed on May 29, 2020.

The continuing operations have reported nearly 1% YoY growth. Gross margins were at 55.5% versus 54.4% YoY versus 56.6% QoQ. Staff cost was up 8% YoY while other expenses declined 31%YoY.

The Ebitda at Rs 1.77 billion increased 12% YoY while flat QoQ. Ebitda margins at 24.9% improved 380 basis points YoY. With in-line other income, depreciation and effective tax rate, the profit after tax for the quarter stood at Rs 1.36 billion, up 30% YoY and flat QoQ (adjusted impairment).

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Centrum Sanofi India Q2CY20 Results Update.pdf

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