Dishman Carbogen Amcis Q1 Review - Strong Growth In Marketable Molecules; CRAMS Business Flattish: Nirmal Bang
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Nirmal Bang Report
Dishman Carbogen Amcis Ltd.’s Q1 FY22 revenue at Rs 5,507 million was higher 16% YoY and 4% QoQ and in line with our estimate.
Revenue was led by strong growth in marketable molecules - cholesterol and vitamin D analog products.
Sales of marketable molecules grew by 31% YoY, while contract research and manufacturing service business was up 10% YoY.
Dishman Carbogen's Ebitda margin at 18.3% was higher 160 basis points QoQ due to higher proportion of sales coming from cholesterol and vitamin D analog products (higher margin business).
CRAMS marketable molecules mix stood at 70:30 (Q4 FY21: 73:27).
Cholesterol demand has increased in the recent past as is it is used as an excipient in manufacturing RNA-based Covid-19 vaccines (Pfizer and Moderna).
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