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Dolat Capital Report
Aarti Drugs Ltd.'s Q4 FY23 revenues were in line while earnings were above our estimates on improved Ebitda margin, higher other income and lower taxes.
Revenues stood at Rs 7.4 billion, grew by 6.9%/11.8% YoY/QoQ. Ebitda stood at Rs 936 million, grew by 8.8%/32.4% YoY/QoQ.
Aarti Drugs' Ebitda margin at 12.6% was above our estimates mainly on account of lower than expected other expenses. Profit after tax stood at Rs 561 million, (up 1.5%/53% YoY/QoQ) was above our estimates due to higher than expected other income and lower than expected interest cost and tax rate.
We upgrade our earnings per share estimates by 8%/7% for FY24E/FY25E, assuming higherthan-expected sales and Ebitda margin.
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