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Motilal Oswal Report
After posting adjusted loss of Rs 274 million in Q4 FY20, Strides Pharma Science Ltd. made a strong comeback in Q1 FY21 with adjusted profit after tax of Rs 560 million. This was on account of strong traction witnessed in the U.S. / Other Regulated / Africa markets.
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Revenues were up 14% YoY to Rs 7.8 billion (estimate Rs 6.5 billion). Other Regulated sales were up 53% YoY to Rs 2.6 billion (33% of sales).
Emerging Markets sales rose 17% YoY to Rs 1.5 billion (19% of sales). U.S. sales fell 4% YoY to Rs 3.7 billion (48% of sales). Excluding Ranitidine sales in Q1 FY20, YoY growth was 8% for the quarter.
The gross margin expanded 740 basis point YoY to 61%, led by a better product mix. However, the Ebitda margin expanded at lower rate of 130 basis point YoY to 19.3% on higher opex (employee cost up 245 basis point YoY; other expenses up 370 basis point YoY as % of sales).
Ebitda for the quarter was up 22% YoY to Rs 1.5 billion (estimate Rs 1.1 billion).
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