ICICI Direct: Ipca Laboratories’ Comprehensive Beat In Q1 Led By Covid-19 Opportunities 
Ipca Laboratories Tarapur Facility (Image courtesy company website)

ICICI Direct: Ipca Laboratories’ Comprehensive Beat In Q1 Led By Covid-19 Opportunities 

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

ICICI Direct Report

Ipca Laboratories Ltd. revenues grew 42.3% YoY to Rs 1,534.4 crore (our estimate Rs 1,287.8 crore) due to one-time opportunity of approximately Rs 259 crore for hydroxychloroquine/chloroquine supplies in both active pharmaceutical ingredient and formulation segments.

Export formulations grew 89.4% YoY to Rs 463.6 crore and API segment grew 72.0% YoY to Rs 513.3 crore. Domestic revenues grew 8.1% YoY to Rs 489.4 crore. Ebitda margins improved to 38.3% versus 18.3% in Q1 FY20 (our estimate 20.0%) due to lower operational expenditure.

Ebitda grew 198.4% YoY to Rs 588.3 crore (our estimate Rs 257.6 crore). Profit after tax grew 244% YoY to Rs 445.9 crore (our estimate Rs 180 crore) mainly due to a strong operational performance and lower tax rate (18.3% against 22.4% in Q1 FY20).

Click on the attachment to read the full report:

ICICI Direct Ipca Labs Q1FY21 Result Update.pdf

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