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Dolat Capital Report
Zydus Lifescience Ltd.'s Q3 FY23 results beat our estimates on all fronts on account of better than expected performance in India and U.S.
Revenue at Rs 43.6 billion (above estimate), grew by 19.4%/5.5% YoY/QoQ, on back of higher than expected India and U.S. business growth. Gross margin at 65.4% (above estimate), expanded by 226 basis points/394 bps YoY/QoQ.
Improvement was largely attributable to robust growth in India and U.S. formulations businesses. Ebitda margin at 21.9% (above estimate), expanded 137 bps/220 bps YoY/QoQ mainly on account of higher gross margin.
We upgrade our earnings estimates by 17.6%/5.9%/1.2% in FY23E/FY24E/FY25E on assuming higher than expected U.S. sales and including gTrokendi estimates.
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