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Dolat Capital Report
Ipca Laboratories Ltd. delivered a significant beat across parameters driven by sharp improvement across domestic businesses in Q2 FY22. Revenue beat estimates by 5% at Rs 15.2 billion.
Ipca Labs' end to end integration (61% of sales) enables it to benefit significantly despite inflationary raw material prices as gross margins declined 100 basis points at 64% though margins at 24% were in-line with our estimate despite higher selling general and administrative spend.
Further, basis the strong traction seen across segments, it retained its guidance 9-10% growth in top-line for FY22E.
Impacted by Covid-19, commercialisation of its greenfield facility at Dewas and brownfield expansion of its active pharma ingredient facility at Ratlam are expected to commercialise by FY23E and Q3 FY22 respectively.
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