Ipca Laboratories’ Growth Momentum Continues Across Segments In Q3: Prabhudas Lilladher
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Prabhudas Lilladher Report
Ipca Laboratories Ltd. Q3 FY21 revenue was in-line with our estimate, however there was an Ebitdam beat of 250 basis points due to continued lower marketing expense.
The company reaffirmed its growth guidance for FY22-23E with -
1. India formulations back at 10-12%,
2. active pharmaceutical ingredient at 12-14% led by new capacity,
3. Export generics at 15%-16%
4. Strong order book from institutional clients based on new product approvals (injectable and DT drugs) and
5. reported Ebitdam of 26-27% for FY22-23.
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