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ICICI Securities Report
The Q2 FY24 performance of our coverage companies was in-line with our expectation. Revenue / Ebitda / profit after tax of coverage companies rose 14% / 27% / 32% YoY primarily led by U.S., softer raw material and overhead costs, respectively. Gross and Ebitda margins were elevated by 198 basis points/ 246 bps YoY to 65.7% and 24.3% despite lower sales of gRevlimid in the quarter.
India business grew in line with market growth which was impacted by a muted acute season. We believe traction in the U.S. is likely to be maintained in H2 FY24E driven by seasonality and better sales of gRevlimid while softer cost may ensure margins trajectory is maintained.
Cipla Ltd., Aurobindo Pharma Ltd., Ajanta Pharma Ltd., and Abbott India Ltd. are our top picks in the space.
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