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News: Revenues grew ~12% YoY to ₹ 1614 crore. As per IQVIA, some of the power brands such as Thyronorm (Hormonal), Udiliv (GI), Cremaffin Plus (GI) and Duphalac (GI) witnessed decent growth along with some marketed brands of Novo Nordisk and Abbott Healthcare such as Rybelsus (Semaglutide) and Ryzodeg (Insulin). On the other hand, Duphaston (Gynaecology) and Vertin (Vertigo) registered a de-growth during the quarter. EBITDA grew ~12% YoY to ₹ 436 crore due to better control on overheads. EBITDA margins remained flattish YoY ~4 bps to ~27%. PAT grew ~16% YoY to ₹ 360 crore.
View: The overall growth was driven by some legacy power brands and traction in few brands from the marketed portfolio. The company remains a standout performer among MNCs on the back of new products launch trajectory (+100 launches in the last 12 years and another 75 planned for the next 5 years) and a relative performance consistency.
Impact: Positive