Revenues grew 26% YoY to Rs2320 crore on the back of traction in Generics which grew 17.5 % YoY to Rs623 crore, Biosimiliars which grew 34.3 % YoY to Rs997 crore and Syngene revenues were up 26% to 768 crore. EBITDA grew 5.6 % YoY to Rs471 crore while EBITDA margins grew 393 bps YoY to 20.3% , Margins were affected mainly due to increase in R&D expenditure. Adj PAT was down 66.1 % YoY to Rs47 crore, mainly due to tax adjustments.
Biosimilars growth was driven by increased prescriptions of existing products in the US besides new launches in EU and EM. Generics growth was driven by two antidiabetes launches in EU. Syngene growth was well rounded as reported earlier. Quarterly performances notwithstanding, recent decision to acquire Viatris front end business in the US and the leverage on the balance sheet is likely to have more influence on sentiments.
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