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Centrum Broking Report
Sanofi India Ltd.'s Q1 CY23 result beats our estimates. Revenue came at Rs 7.4 billion up by 4% YoY (down by 10% QoQ), mainly led by volume pick-up in core brands, post the divestment of Universal Medicare business and two brands Soframycin plus Sofradex.
Gross margin improved by ~103 basis points YoY mainly driven by a favorable mix at 58.6%. Lower overhead cost resulted Ebitda margin improvement by 370 bps YoY at 31.2%.
The quarter had an exceptional item on profit on sale of property Rs 255 million and separation cost related to demerger of Rs 77 million, adjusted to this the profit after tax increased by 44% YoY to Rs 1.7 billion.
Going forward, earnings to reflect the impact of Lantus came under National List of Essential Medicines. However, management assured that no major impact earnings.
Sanofi India to de-merge its consumer business to make it as a separate entity resulting into more focus on individual businesses and value unlocking for the shareholders.
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