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Caplin Point: Robust quarterly revenue growth coupled with stable margins

News: Q2FY22 revenues grew 13.2% YoY to Rs.303.5 crore as company’s unique end to end business model in Latin America continues to drive robust growth. EBITDA margins improved by 72 bps YoY to 33.3% mainly due to better gross margins. Subsequently, EBITDA grew 15.7% YoY to Rs.101.2 crore. Net profit grew 31.8% YoY to Rs.75 crore. Delta vis-a-vis EBITDA was on account of higher other income.

Views: Caplin posted strong Q2FY22 results and is now venturing on a capex journey of Rs.300-350 crore to expand existing capacities, widen its product portfolio and backward integrate majority of the products. Caplin is extending its US sterile products into other emerging markets. We continue to be positive about the business.