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ICICI Securities Report
Strides Pharma Science Ltd.'s Q1 FY23 performance beats our estimates on all fronts. Revenue grew 36.6% YoY to Rs 9.4 billion (our estimate: Rs 8.7 billion) led by strong growth in institutional business.
U.S. revenue grew 4.5% QoQ to $46 million during the quarter as estimated. Institutional business grew 40.2% QoQ (up 108% YoY) to Rs 2 billion.
Higher U.S. and institutional sales QoQ drove operating leverage, supporting the 60 bps QoQ Ebitda margin improvement to 5.4% (our estimate: 4.8%).
Strides Pharma has reiterated its target of achieving U.S. sales guidance of $250 million in FY23, to be driven by new product launches and incremental sales from the Endo Pharma portfolio. Expected recovery in the U.S. business and reasonable valuations make the stock attractive.
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