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Emcure Pharmaceuticals - IPO Note: Dolat Capital

Emcure Pharmaceuticals - IPO Note: Dolat Capital

<div class="paragraphs"><p>Capsules sit in a sample container at a pharma factory. (Photographer: Mikael Sjoberg/Bloomberg).</p></div>
Capsules sit in a sample container at a pharma factory. (Photographer: Mikael Sjoberg/Bloomberg).

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

Dolat Capital Report

Emcure Pharmaceuticals Ltd. has a diversified revenue profile, with 44% revenue from India, 31% from U.S./Canada, and 12% from Europe.

Apart from an established market position (ranked 12th) in IPM, Emcure has increased its presence in Europe and Canada by establishing front-end marketing network through acquisitions of Tillomed Laboratories (U.K.), Marcan Pharmaceuticals (Canada).

Between FY11-21, company posted 15% revenue and PAT CAGR respectively. Post the peak Ebitda margins of 26% in FY16, they have been on a downhill to 14% in FY20. FY21 saw a recovery to 20% apparently due to Covid-related savings and de-merger of its U.S. business.

The hit was likely due to USFDA import alert at one of Emcure’s largest plant at Hinjewadi, Pune

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Emcure IPO Note_23-Oct-21.pdf

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