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:
This 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.