ICICI Direct: Natco Pharma’s One-Offs Drive Q2 Numbers
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ICICI Direct Report
Natco Pharma Ltd.’s Q2 FY21 revenues grew an exceptional 65.2% YoY to Rs 802 crore on the back of 91.3% YoY growth in export formulations to Rs 482 crore and 193.7% growth in active pharmaceutical ingredients to Rs 200 crore.
Domestic formulations de-grew 11.2% YoY to Rs 108 crore due to continued impact on Hep-C sales and oncology segment due to lower hospitalisation rate amid the pandemic.
Ebitda margins improved 680 basis points YoY to 34.5% due to better operating leverage.
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