Granules India - Superior Product Mix Drives Q3 Profitability: Motilal Oswal 
A technician checks capsules leaving the Bosch 3000 Encapsulation machine at the Elan Corporation plant in Athlone, Westmeath, Ireland (PhotographerJohn Cogill/Bloomberg)

Granules India - Superior Product Mix Drives Q3 Profitability: Motilal Oswal 

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.

Motilal Oswal Report

Granules India Ltd. delivered an in line performance in Q3 FY21. It sustained its strong earnings momentum led by Intermediates and active pharmaceutical ingredient segments.

The delay in abbreviated new drug application launches impacted the YoY growth rate for the formulations segment.

The company remains on track for capacity expansion at its Visakhapatnam and U.S. sites to cater to growth in FY23-24.

We have tweaked our FY21E/FY22E/FY23E earning per share estimate to factor in -

  1. delay in ANDA launches,
  2. higher raw material prices, and
  3. withdrawal of export incentive benefits.

Click on the attachment to read the full report:

Motilal Oswal Granules India Q3FY21 Result Update.pdf


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