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Pharma Q1 Earnings Review - Domestic Drives The Show; Margin Pressure May Persist In Near Term: Anand Rathi

Pharma Q1 Earnings Review - Domestic Drives The Show; Margin Pressure May Persist In Near Term: Anand Rathi

<div class="paragraphs"><p>Capsules seen on a blister packaging machine. (Photographer: John Cogill/Bloomberg News)</p></div>
Capsules seen on a blister packaging machine. (Photographer: John Cogill/Bloomberg News)

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Anand Rathi Report

Q1 FY22 sales growth for most pharma companies was driven by their India business.

Overall sales of the companies we cover grew 11.6% to Rs 168.7 billion.

India growth was much higher in Q1 (44.9%), ahead of the industry’s ~37% growth.

Challenges in the U.S. and the higher base in active pharma ingredient largely offset the benefits of India sales.

Ebitda slipped 2.5% to Rs 42.1 billion.

The Ebitda margin shrank 364 basis points to 25% from higher price erosion in the U.S., raw material price rises and normalised promotional expense.

Adjusted profit after tax declined 2.4% to Rs 27.8 billion.

Click on the attachment to read the full report:

Anand Rathi Pharma Q1FY22 Results Review .pdf

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