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ICICI Securities Report
Sanofi India Ltd. hosted an investor call to discuss the results for Q4 CY21 and CY21. We have summarised the highlights below:
Excluding the divestment of nutraceutical brands, like-to-like domestic sales growth in CY21 was ~13%; excluding Covid-19 impact, growth was in line with the domestic market.
Sequential 8.8% decline in sales was due to divestment of nutraceutical brands (~5% of domestic sales) and higher demand of Clexane in H1 due to higher hospitalisation in the pandemic. Clexane sales were higher by 12-15% from the general expectation on an annualized basis.
Exports formed ~13% of CY21 revenue; Sanofi India exports to group companies in Australia, large parts of Europe, Sri Lanka and Russia. Exports business is expected to be driven by the low-cost manufacturing advantage in India.
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