ICICI Securities: Pfizer’s Cost Control Lifts Margin In Q1

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 Securities Report.Pfizer Ltd. reported an operationally strong quarter in Q1 FY21. Revenue declined 5.4% YoY to Rs 5.1 billion (our estimate Rs 5.6 billion) impacted by divestment of two brands in Q3 FY20 and lockdown due to Covid-19.Ebitda margin jumped 570 basis points YoY (up 1450 basis points QoQ) to 36.2% (highest in several quarters) with sharp fall in expenses. Adjusted profit after tax grew 10.3% YoY to Rs 1.2 billion (our estimate Rs 1.0 billion).Revenue disparity between primary and secondary sales continues with all Indian origin chemists and distributors (AIOCD) data suggesting revenue growth of 4.1%.We remain positive on the company’s growth visibility with exposure only in domestic formulations and strong balance sheet with deep cash reserves, however, pressure due to Covid-19 would restrict growth in the near term as the company’s product portfolio is largely acute (approximately 75%)..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Securities: Pfizer’s Cost Control Lifts Margin In Q1

ICICI Securities: Pfizer’s Cost Control Lifts Margin In Q1

Choose a plan