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Anand Rathi Report
Q1 FY22 sales growth for most pharma companies was driven by their India business.
Overall sales of the companies we cover grew 11.6% to Rs 168.7 billion.
India growth was much higher in Q1 (44.9%), ahead of the industry's ~37% growth.
Challenges in the U.S. and the higher base in active pharma ingredient largely offset the benefits of India sales.
Ebitda slipped 2.5% to Rs 42.1 billion.
The Ebitda margin shrank 364 basis points to 25% from higher price erosion in the U.S., raw material price rises and normalised promotional expense.
Adjusted profit after tax declined 2.4% to Rs 27.8 billion.
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