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Axis Securities Report
Abbott India Ltd. reported revenue growth of 14.9% in Q4 FY22, outpacing the Indian pharma industry, (source: All Indian Origin Chemists and Distributors) growth of 3.9%. It was majorly driven by sales improvement in key therapies such as gasteroinsteinal (up 18.3% YoY) and hormones (up 5.0% YoY).
Duphaston (gynecological) Q4 FY22 sales stabilised to Rs 282 crore, (source: AIOCD), reporting a de-growth of 10.0% YoY. Earlier, Mankind launched 'Dydrogesterone' in competition with Duphaston which resulted in a decrease in Duphaston sales.
Abbott India's gross margins improved by 330 basis points due to a richer product mix and passing on the increase in raw material prices.
However, Ebitda margins improved by 465 bps due to an improvement in gross margins and a fall in other expenses.
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