Ipca Labs Q4 Review - Swapping Lower Sales Growth With Better Core Margin: Prabhudas Lilladher

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Prabhudas Lilladher Report

Ipca Laboratories Ltd.'s Q4 FY21 revenue missed our estimates, mainly due to weak performance of India formulations, lower chloroquine phosphate/ hydroxychloroquine sales and steep decline in Europe generic and malaria-tender business.

With one-off benefits of Rs 3.7 billion from sales of chloroquine phosphate/ hydroxychloroquine in FY21, the company lowered its sales growth guidance of 9-10% in FY22E with-

1. India formulations at 16-18%,

2. active pharmaceutical ingredient at 5-10%,

3. export generics at 5%

4. global tender business at 5% while

5. branded generics at 13-15%.

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