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Motilal Oswal Report
Granules India Ltd. delivered operationally in-line Q4 FY23, with healthy off-take of finished dosages as well as active pharma ingredient.
Granules India exited FY23 on a strong note with ~30% YoY Ebitda/profit after tax growth each. It has lined up capex for not only capacity addition but also backward integration to improve sales as well as profitability.
We cut our earnings per share by 3%/2% for FY24E/FY25E, to factor in:
higher research and development spent on abbreviated new drug applications/drug master files, and
higher interest cost.
Granules India is strengthening its core business through development of backward integration process for paracetamol/metformin and subsequent commercialisation. It is also working on enhancing its product pipeline for regulated markets.
Further, carbon-free energy, green hydrogen and other chemical derivatives are expected to not only improve profitability but also improve business scope.
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