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Prabhudas Lilladher Report
We expect pharmaceuticals companies under our coverage to report flat Ebitda growth YoY (up 13% QoQ) mainly led by-
high base,
normalised expenses and
comparatively higher inflationary cost of goods sold on YoY.
However, we see strong sequential growth aided by niche launches in U.S., steady domestic formulation business and easing of overheads like freight, commodity prices.
The benefit of Indian rupee depreciation versus U.S. dollar (up 7% YoY and 3% QoQ) will also aid profitability. On the flip side, profitability will be negatively impacted by emerging market currency volatility.
We expect hospital companies under our coverage to anticipate 4% YoY growth (12% QoQ) in post India accounting standard Ebitda. As Q2 being a seasonally strong quarter, we expect occupancy improvement across our coverage universe. We anticipate average revenue per occupied bed to continue to remain healthy aided by improving case and payor mix.
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