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ICICI Direct Report
Alembic Pharmaceuticals Ltd.'s Q2 revenues were in line with our estimates whereas profitability was better than expected.
Revenues grew 17.4% YoY to Rs 1457 crore led by strong growth in Rest of World and active pharmaceutical ingredient segments, which grew 84.1% and 28.9% to Rs 197 crore and Rs 263 crore, respectively.
Additionally, U.S. formulations grew 8% to Rs 582 crore while domestic formulations grew 6.1% to Rs 415 crore.
Ebitda margins improved 259 basis points YoY to 30.4% due to better gross margins and lower other expenditure amid lower promotional, travelling and research and development costs.
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