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Prabhudas Lilladher Report
Ipca Laboratories Ltd.'s Q2 performance was weak and should recover from Q4 FY22/Q1 FY23. The company's sales at Rs 15.4 billion, grew 14% YoY.
Domestic business grew 30% YoY aided by low base while export formulation growth was muted with 4% YoY decline.
Institutional business declined 22% YoY, mainly impacted by delay in shipments. Branded generics grew by 4.5% YoY while generics grew 1% YoY.
Export API declined by 12% QoQ largely on reduced order flow. Domestic API grew strongly by 25% YoY. Revenue from subsidiaries was higher in Q2 at Rs 1.2 billion.
Ipca Labs reported weak Ebitda margins of 22.4%, down 400 bps QoQ due to increase in commodity prices and logistic costs. During the quarter, raw material prices increased 17% YoY versus revenue growth of 10%.
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