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