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Dolat Capital Report
Aarti Drugs Ltd.'s Q3 FY23 earnings were below our estimates on all fronts due to lower than anticipated sales and a negative impact on margin due to active pharma ingredient price correction.
Revenues stood at Rs 6.6 billion, grew by 4.6% YoY and declined by 3.5% QoQ. Ebitda stood at Rs 707 million, declined by 21.5%/4.8% YoY/QoQ.
Aarti Drugs' Ebitda margin at 10.6%, contracted 354 basis points YoY mainly on account of lower gross margin. Profit after tax stood at Rs 367 million, declined by 37.1%/5.3% YoY/QoQ, due to lower operating performance and higher interest cost.
We downgrade our earnings per share estimates by 14%/19%/18.5% for FY23E/FY24E/FY25E, assuming lower-than-expected sales and Ebitda margin.
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