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Centrum Broking Report
Pfizer Ltd. reported Q3 FY23 result, below our estimates on all front, with overall revenue de-grew by 8% on YoY and 2.5% QoQ to Rs 6.2 billion. Ebitda grew merely by 4% on YoY basis but falls sequentially by 12% to Rs 2 billion.
However, margin expansion seen 385 basis points YoY (contraction of 400 bps QoQ) at 32%. Profit after tax for the quarter came in at Rs 1.5 billion up 4.7% YoY and down 11% QoQ.
Lower operating performance was mainly due to volume decline in core brands and less new launches from parent pipeline.
We remain are positive Pfizer India mainly due to its strong India franchise, and stable margin.
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