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Anand Rathi Report
Strong, 39%, growth in its contract development and manufacturing operations (CDMO) pharma to Rs 1.3 billion led to Suven Pharmaceuticals Ltd.'s Q1 FY21 sales rising 20.7% YoY to Rs 2.4 billion.
The unfavourable product mix, however, pulled the gross margin down 875 basis points to 70.3%.
But operating leverage helped curtail the Ebitda margin decline (down 486 basis points YoY) to 47%.
On the lower share of profit from the Rising Pharma joint venture and the higher tax rate, profit after tax was flat at Rs 915 million.
Suven Pharma is on track in launching molecules (two in specialty chemicals over FY21-22 and one in pharma) in CDMO and in filing formulation products (six pending approval, another five being developed).
Traction in its CDMO business and steady formulation launches would drive 17.3%/19.2% growth in sales/ earnings over FY20-23
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