Revenues increased 12% YoY to Rs 433 crore, driven by exports formulations amid de-growth in domestic business. EBITDA increased 1.7% YoY to Rs 87.9 crore while EBITDA margins declined 205 bps to 20.3 %, YoY decline mainly due to increase in other expenditure amid inflationary environment. Net profit increased 19.2% YoY to Rs 50 crore
Despite lower-than-expected domestic sales (Covid base effect) the company was able to beat margins expectation due to strong growth in the US and Europe, suggesting that the export business is fetching better margins. We expect export momentum to continue and also decent (Covid adjusted) growth in the domestic formulations
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