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Granules India: Margins plummet amid significant challenges

News: Granules’ Q2FY22 revenues grew 3.5% YoY to Rs.888.3 crore, driven by new launches and higher market share of existing products. Formulations saw growth of 17.8% YoY to Rs.506.6 crore and PFI grew 10.3% YoY to Rs. 191.2 crore. API de-grew 25.2% YoY to Rs.190.5 crore. EBITDA margins fell 1286 bps YoY to 17% amid lower gross margins and higher employee and other expenditure. EBITDA de-grew 41% YoY to Rs.151.2 crore. PAT declined 50.7% YoY to Rs.80.7 crore mainly due to an in line operational performance.

Views: Granules’ Q2FY22 revenues grew 3.5% YoY to Rs.888.3 crore, driven by new launches and higher market share of existing products. Formulations saw growth of 17.8% YoY to Rs.506.6 crore and PFI grew 10.3% YoY to Rs. 191.2 crore. API de-grew 25.2% YoY to Rs.190.5 crore. EBITDA margins fell 1286 bps YoY to 17% amid lower gross margins and higher employee and other expenditure. EBITDA de-grew 41% YoY to Rs.151.2 crore. PAT declined 50.7% YoY to Rs.80.7 crore mainly due to an in line operational performance