Ipca Labs Q1 Review - Strong Performance Despite Margin Pressures: ICICI Direct
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ICICI Direct Report
Ipca Laboratories Ltd.'s Q1 FY22 results were better than our estimates mainly driven by strong YoY sales growth in domestic formulations and institutional exports.
Revenue remained almost flat growing just 2.0% YoY to Rs 1565 crore.
Ipca's strong YoY growth of 31.4% in institutional exports to Rs 116 crore along with 25.2% YoY growth in domestic formulations to Rs 613 crore were offset by active pharma ingredient sales decline of 19.3% YoY to Rs 414 crore.
Beat vis-a-vis our estimates was witnessed across segments Ebitda margins declined 1174 basis points YoY to 26.6% due to lower gross margins and higher other expenditure.
Subsequently, Ebitda de-grew 29.2% YoY to Rs 416 crore while profit after tax de-grew 31.3% YoY to Rs 306 crore.
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