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