Suven Pharma Q3 Results Review - In Cross Roads Of Acquisition: Dolat Capital

Dolat Capital Report

Suven Pharmaceuticals Ltd.’s revenues were at Rs 3.5 billion (inline) in Q3 FY23, declined by 10% YoY due to lower contract research and manufacturing services sales offset by higher growth in specialty chemicals.

Gross margins at 69% (below est) contracted 49 basis points/11 bps YoY/QoQ. Ebitda stood at Rs 1.5 billion declined by 21% YoY and grew 47% QoQ with Ebitda margin at 41.5% contracted by 605 bps YoY and expanded by 558 bps QoQ.

Despite higher contribution from specialty chemical segment, Suven Pharma managed Ebitda margin of 40% plus due to better product mix. 

While we inherently like Suven’s contract development and manufacturing organisation business, we await more clarity on Advent International transaction.

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