Motilal Oswal: Granules India - Making Strong Headway
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Motilal Oswal Report
Granules India Ltd. continued to break its own record with another quarter of remarkable performance across revenue/Ebitda/profit after tax.
This is largely on account of strong traction in formulations (finished drugs), pharmaceutical formulation intermediates (PFIs), and the addition of new customers in the active pharmaceutical ingredient segment.
We raise our earning per share estimate by 21% for FY21/22E to factor in-
1. niche Abbreviated New Drug Application launches, 2. a superior product mix, 3. geographic expansion, and 4. better operating leverage.
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