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Anand Rathi Report
As a prominent partner of pharma companies seeking to diversify supplies from China, Aarti Drugs Ltd.'s Q1 sales grew 34% YoY.
A better product mix and higher realisations on key active pharmaceutical ingredients (prices rose 10-15%) led to a 772 basis point gross-margin expansion.
The Ebitda margin swung to a record 24.6% (a 1,110 basis point expansion). Absolute Ebitda grew 145% to Rs 1.3 billion.
The better operating performance and lower tax rate rocketed adjusted profit after tax 281% to Rs 855 million.
The production-linked Rs 100 billion incentive scheme announced by the Indian government will benefit those like Aarti Drugs.
It has shortlisted a basket of products it plans to manufacture under this scheme. It is also evaluating contract manufacturing of specialty products, earlier manufactured in China.
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