Revenues were flat YoY at Rs 637.5 crore. EBITDA grew 22.3 % YoY to Rs 232 crore while EBITDA margins improved 658 bps to 36.3%. Exceptional income of Rs 188.9 crore on the transfer of Upjohn business to Mylan. Adjusted PAT declined 14.6% YoY to Rs 122.2 crore
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Growth was decent QoQ but there was significant margin expansion due to lower staff cost trending recently announced VRS scheme. We continue to believe in Pfizer’s strong growth track record in power brands but despite capability in new launches on a fairly consistent basis, we remain sceptical of Pfizer’s ability to garner volume led growth for new launches in market
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