ICICI Direct: Natco Pharma Logs Stable Quarter; Next Growth Phase Hinges On New Ventures
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ICICI Direct Report
Natco Pharma Ltd.’s Q1 FY21 revenues grew 14.4% YoY to Rs 563 crore. Export formulations grew 13.8% YoY to Rs 274 crore.
Domestic formulations de-grew 23.4% YoY to Rs 126 crore as the oncology segment continued to be impacted by lower hospitalisation rate amid pandemic. Active pharmaceutical Ingredient (API) segment sales doubled YoY to Rs 144 crore.
Ebitda margins fell 849 basis points YoY to 30.4% due to significantly lower gross margin following a change in product mix towards margin dilutive products that was partly offset by lower employee cost and other expenditure.
Subsequently, Ebitda de-grew 10.6% YoY to Rs 171.1 crore. Net profit de-grew 14.2% YoY to Rs 122.8 crore.
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