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Nirmal Bang: Dishman Carbogen Amcis - Lower Share Of Commercial Manufacturing Revenues Impacts Ebitda

Nirmal Bang: Dishman Carbogen Amcis - Lower Share Of Commercial Manufacturing Revenues Impacts Ebitda

A scientist looking at a vial at Dishman Carbogen Amcis API facility (image: Company website)
A scientist looking at a vial at Dishman Carbogen Amcis API facility (image: Company website)

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Nirmal Bang Report

Dishman Carbogen Amcis Ltd.’s Q1 FY21 revenue at Rs 4,744 million is 3.5% above our and 7.3% above consensus estimate.

Despite inline revenues, reported Ebitda of Rs 431 million (lower by 67% QoQ) was below our/consensus estimates by 57%/51%, respectively.

Ebitda margin stood at 9% during the quarter vs our expectation of 21%.

The sharp decline in Ebitda was due to lower share of revenue from commercial manufacturing done in India, which was offset by strong growth in lower margin contract research and manufacturing services (CRAMs) Switzerland business.

The company has initiated commercial manufacturing revenues for four new molecular entities in the last 12 months.

The commercial revenue from these molecules should reflect the revenues going forward.

Click on the attachment to read the full report:

Nirmal Bang Dishman Carbogen Amcis Q1FY21 Result Update 100920.pdf

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