ICICI Securities: Shilpa Medicare Posts Steady Q2 Performance, Investing In New Ventures
Shilpa Medicare Ltd.’s R&D facility. (Photo: Shilpa Medicare’s website)

ICICI Securities: Shilpa Medicare Posts Steady Q2 Performance, Investing In New Ventures

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

ICICI Securities Report

Shilpa Medicare Ltd. reported Q2 FY21 results largely in line with our estimates.

Revenue declined 3.8% YoY on a high base to Rs 2.8 billion (our estimate Rs 2.7 billion), however, adjusted for one-time licensing income in Q2 FY20 the growth stood at 28.4%.

Ebitda margin improved 110 basis points YoY to 24.6% (our estimate 24.8%) driven by controlled selling general and administrative expenses as gross margins dropped 540 basis points YoY.

Both active pharmaceutical ingredients and formulations performed well.

Click on the attachment to read the full report:

ICICI Securities Shilpa Medicare Q2FY21 Results Update.pdf

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