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Nirmal Bang Report
Dishman Carbogen Amcis Ltd.'s Q1 FY21 revenue at Rs 4,744 million is 3.5% above our and 7.3% above consensus estimate.
Despite inline revenues, reported Ebitda of Rs 431 million (lower by 67% QoQ) was below our/consensus estimates by 57%/51%, respectively.
Ebitda margin stood at 9% during the quarter vs our expectation of 21%.
The sharp decline in Ebitda was due to lower share of revenue from commercial manufacturing done in India, which was offset by strong growth in lower margin contract research and manufacturing services (CRAMs) Switzerland business.
The company has initiated commercial manufacturing revenues for four new molecular entities in the last 12 months.
The commercial revenue from these molecules should reflect the revenues going forward.
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