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Axis Securities Report
In Q3 FY23, the pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.
We expect the pharma universe under our coverage to report healthy aggregate revenue/Ebitda/profit after tax growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency may majorly contribute to the overall growth of 7.4% for the last quarter.
Low single-digit growth in the U.S. market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised.
Single-digit revenue growth may be observed in Europe and the International market in Q3 FY23.
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