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Motilal Oswal Report
We met with the management of Ipca Laboratories Ltd. recently to understand its business outlook.
Domestic formulation is the key driver of its sales growth, fueled by market outperformance in pain/dermatology/urology and supported by higher medical representative base.
Notwithstanding the near-term hiccups in active pharma ingredient segment, Ipca is building levers to almost double its API exports by FY27E.
The exports (branded/generics) formulation sales is likely to revive from FY24.
We have reduced our earnings estimate for FY23/FY24 by 4%/3% to factor in increased opex on the back of promotional activities and logistics cost. After two years of earnings decline, we expect Ipca to clock 33% earnings compound annual growth rate over FY23- 25.
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