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ICICI Securities Report
Sanofi India Ltd.'s Q2 CY21's performance was yet again supported by controlled costs.
Revenue grew 11.1% y-o-y to Rs 7.9 billion but it was below our estimate of Rs 8.2 billion.
Ebitda margin improved 640 basis points y-o-y and 520bps q-o-q with lower expenses to 31.3%.
Adjusted profit after tax grew 31.6% to Rs 1.8 billion.
As per All Indian Origin Chemists and Distributors data, Sanofi India reported a y-o-y growth of 30.8% for the quarter.
In the past few years, the company's growth and profitability was fuelled by the power brands.
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