Motilal Oswal: Ipca Laboratories - On A Strong Growth Trajectory
A researcher handles apparatus inside a laboratory. (Photographer: Gilles Sabrie/Bloomberg)

Motilal Oswal: Ipca Laboratories - On A Strong Growth Trajectory

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Motilal Oswal Report

Ipca Laboratories Ltd. is an international pharma company that produces and markets formulations, drug intermediates, and active pharmaceutical ingredients (API).

In FY20, Ipca Laboratories’ dosage form (DF) business registered 15% YoY growth (approximately 500 basis points better than industry), driven by superior execution in pain management, cardio-vascular/anti-diabetes and anti-malaria therapies.

Due to the Covid-19 led disruption, some slowdown has been seen in dermatology/anti-bacterials (5%/6% of DF sales).

For Q1 FY21, the Company recorded 8% YoY growth in DF sales. Adjusting for hydroxychloroquine (HCQS) sales to the government, Q1 YoY growth stood at 2%.

Considering the gradually improving outlook for the DF segment led by growth from government orders for HCQS and improvement in pricing/volumes within branded DFs, we expect an 11% sales compound annual growth rate over FY20–22 in DF.

Click on the attachment to read the full report:

Motilal Oswal - Ipca Laboratories Company Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.