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Dolat Capital Report
Alembic Pharmaceuticals Ltd.'s revenues declined 4.8% YoY in Q1 FY23 to Rs 12.6 billion (in line). Gross margins at 70% contracted by 100 basis points/270 YoY/QoQ on higher input cost and significant price erosion in the U.S.
Excluding Aleor's research and development of Rs 1 billion charged off to expenses, Ebitda stood at Rs 1.14 billion (below estimate) declined 51.4%/59.5% YoY/QoQ.
Alembic Pharma's Adjusted Ebitda margin at 9% contracted 870 bps/1090 bps YoY/QoQ on lower gross margins and higher operating cost and freight cost. Adjusted profit after tax at Rs 361 million declined by 140%/80% YoY/QoQ.
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