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Revenues increased 3.6% YoY to Rs1600 crore. EBITDA de-grew 28.9% YoY to Rs260 crore, while EBITDA margins decreased 744 bps to 16.2%, mainly due to increase in other expenditure and employee expenses. PAT decreased 42.8% YoY to Rs143 crore.
IPCA numbers were miss on our estimates as there was significant lumpiness in segments. GPM was in-line as Domestic formulations increased 9.7% YoY to Rs766 crore. API sales de-grew 14.6% YoY to Rs307 crore. Ipca remains a decent player with judicious mix of strong domestic franchise and a spread out exports model with healthy balance sheet. Going ahead, with firm growth tempo in domestic formulations, good prospects both for API exports, formulation exports, we expect further improvement in financial parameters.
Neutral