Ipca Labs Q1 Review - Robust Quarter, Guidance To Be Potentially Revised Upwards: Dolat Capital
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Dolat Capital Report
Ipca Laboratories Ltd. delivered a significant beat across parameters driven by sharp improvement across businesses in Q1 FY22.
Revenue/profit after tax beat estimates by 13%/33% at Rs 15 billion/3 billion respectively.
Ipca’s end to end integration (61% of sales) enables it to benefit significantly despite inflationary raw material prices as gross margins expanded at 65% thereby aiding margins at 26% (we saw 24%) despite normalisation of selling, general and administrative spend.
Basis the strong demand witnessed in active pharma ingredient, management guided for 10% YoY growth in FY22E, despite a higher base.
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