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ICICI Securities Report
Sanofi India Ltd.'s Q3 CY21's performance was below estimates, however, adjusting for the divestment of nutraceutical division, it was broadly in line.
Revenue grew 9.9% YoY to Rs 7.5 billion (our estimate: Rs 8.1 billion).
Ebitda margin dropped 170 basis points YoY and 500 bps QoQ to 26.3% (our estimate: 28.5%). Adjusted profit after tax grew 15.0% to Rs 1.5 billion.
Sanofi India recorded an exceptional income of Rs 4.9 billion from the sale of nutraceutical division. In the past few years, the company's growth and profitability were fuelled by the power brands.
We remain positive on the company considering high visibility of strong growth from its chronic therapy exposure in domestic formulations, strong balance sheet with deep cash reserves, and strong brand equity built over the years.
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