Ipca Labs Q4 Review - Upbeat Guidance, Execution Remains Key: ICICI Direct
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ICICI Direct Report
Ipca Laboratories Ltd.'s Q4 revenues remained subdued growing just 3.8% YoY to Rs 1115 crore.
Strong YoY growth of 19.7% in export formulations to Rs 338 crore was partly offset by active pharmaceutical ingredient sales decline of 5.5% YoY to Rs 260 crore.
Domestic formulations remained flat at Rs 434 crore versus Rs 431 crore in Q4 FY20.
Ebitda margins improved 484 basis points YoY to 20.5% due to better gross margins and lower other expenditure.
Ebitda grew 35.8% YoY to Rs 229 crore.
Profit after tax grew 87.5% YoY to Rs 161 crore (our estimate: Rs 204 crore).
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