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ICICI Securities Report
We expect pharma and healthcare companies under our coverage to report subdued growth during the quarter ended December 2021 (Q3 FY22), mainly due to higher raw material and freight cost as well as pricing pressure in the U.S. business amid inventory destocking.
We estimate the India business to grow in high single to low double digit as per secondary sales data, broadly in line with the industry. We forecast the Ebitda margin of covered companies at 22.1% (down 186 basis points YoY) due to cost inflation and price erosion in the U.S.
Hospitals and diagnostics are expected to report healthy YoY rise on a low base but decline QoQ due to seasonality and decline in Covid-19 cases. Overall, we expect coverage universe to report 5.9% YoY revenue growth, while Ebitda is expected to decline by 3.2% YoY.
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