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Motilal Oswal Report
Granules India Ltd.'s Q2 FY22 earnings were below estimates despite revenues being largely in-line.
The miss on the margin front was due to ongoing price inflation in key starting materials as well as elevated opex.
We cut our earnings per share estimate for FY22E/FY23E by 23%/14%, factoring in-
prolonged concerns on escalated raw material prices, particularly for paracetamol, and
China-led supply disruptions resulting in higher logistic costs.
Headwinds related to raw materials are expected to ease over the medium term, and Granules India continues its effort towards building the abbreviated new drug application pipeline.
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