Caplin growth momentum intact; capex on trackCAPLIPOINT - 1294 Change: 39.45 (3.14 %)
News: Revenues grew 15% YoY to Rs 346 crore propelled by Latin America & RoW growing 11% YoY and US also growing 61% YoY. EBITDA margins declined 132 bps YoY to 29.5% while EBITDA grew 10% YoY to Rs 102 crore. Adjusted PAT grew 20% YoY to Rs 85 crore.
View: Caplin’s LatAm business model continues to drive topline and bottomline growth while Caplin Steriles’ grew 61% YoY to Rs 41 crore in Q1FY23. Outlook for US remains robust with order book of Rs 175 crore in FY23. It has set an aspirational target of US$100 million by FY26 in US. In RoW, company is increasing footprint in Chile, Vietnam and Cambodia. Caplin is undergoing on a capex journey to expand existing capacities, widen its product portfolio and backward integrate its products. Caplin plans to enter more regulated markets such as Canada, Australia, China, Russia/CIS as well as enter the bigger LATAM markets of Mexico and Brazil.