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Motilal Oswal Report
Ipca Laboratories Ltd. delivered an operationally inline Q1 FY23 performance. It remains on a robust growth path in the Domestic Formulation segment.
The successful process validation of certain products is expected to revive Ipca Labs' active pharma ingredient growth prospects over the medium term.
We cut our FY23/FY24 earnings per share estimate by 13%/7% to factor in:
increased operational cost on account of medical representatives addition and subsequent marketing expenses,
opex related to the Dewas facility,
opting of a higher tax rate going forward.
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