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Motilal Oswal Report
Strides Pharma Science Ltd.'s Q3 FY21 performance came in below estimates due to the Covid-19-related impact on the US.. and Africa business.
Recovery in the other regulated business was led by healthy volume traction. At the strategic level, the company would de-merge its biotech business under Stelis Biopharma Pvt. Ltd. and intends to list this, thereby unlocking value for shareholders.
We cut our earnings estimate by 19%/7%/5% for FY21/FY22/FY23, accounting for weak flu season related demand in the U.S. and slower offtake of medicines related to acute therapies in the Africa business.
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