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Nirmal Bang Report
Sanofi India Ltd.'s revenue declined by 2.5% YoY and came in 2.5% lower than our estimate but 7.6% higher than consensus estimate. Net profit (post exceptional items) stood at Rs 2,384 million, translating into an earnings per share of Rs 103/share (adjusted EPS of Rs 68/share).
Gross margin expanded by 244 basis points QoQ and 233 bps YoY despite elevated costs. Other expenses as a % of sales were sharply lower on a QoQ basis, but were in line with the historical annualised % of sales.
During the quarter, Sanofi India completed the divestment of its Soframycin and Sofradex portfolio to Encube Ethicals Pvt Ltd. for Rs 1,250 million.
Annual sales of the divested portfolio stood at Rs 754 million (2.6% of total sales).
Inclusion of Lantus in the National List of Essential Medicines list is yet to be implemented.
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