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News: Revenue grew 4.2% to Rs572.6 crore ( I-direct estimate- Rs632 crore) . On the operational front, EBITDA grew 10 % YoY to Rs 182 crore ( I-direct estimate: Rs200 crore) whereas margins grew 166 bps YoY to 31.8% ( I-direct estimate: 31.7%). PAT came in at Rs 149.2 crore ( I-direct estimate: Rs 148.5 crore).
Views: Revenue growth was below I-Direct expectations as five of the top 10 power brands registered de-growth YoY, as per IQVIA quarterly data. This was attributable to higher generic competition, high Covid base, MR recalibration among others. Going ahead, we continue to monitor progress of the power brands. Margins were as per our expectations and are likely to sustain at the current level.
Impact: Neutral