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Entry Price

1,842.00

Target

2,250.00

Recommend Date

01-05-2021

Return

22.15 %
BUY

Date : 01-05-2021

Q4 revenues grew 11.0% YoY to Rs 757 crore. Domestic sales grew 23.2% to Rs 218 crore whereas emerging markets (branded) de-grew 10.5% YoY to Rs 273 crore amid logistical challenges in Asia and Africa. US sales grew 21% to Rs 173 crore. Africa tender business grew 86% YoY to Rs 80 crore. EBITDA margins improved significantly to 34.3% (vs. 22.2% in Q4FY20) amid better gross margins and lower other expenditure. EBITDA grew 71.4% YoY to Rs 259 crore. PAT grew 21% YoY to Rs 159 crore. Delta vis-à-vis EBITDA was mainly due to lower other income and higher tax rate.