Granules India - Superior Product Mix Drives Q3 Profitability: Motilal Oswal
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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 -
- delay in ANDA launches,
- higher raw material prices, and
- withdrawal of export incentive benefits.
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