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ICICI Securities Report
Divi’s Laboratories Ltd.’s Q4 FY22 performance beat our estimates across parameters.
Consolidated revenues grew 40.8% YoY to Rs 25.2 billion (our estimate: Rs 21.0 billion), Ebitda margin improved 380 basis points YoY to 43.9% (our estimate: 42.5%) and adjusted profit after tax grew 78.2% to Rs 8.9 billion (our estimate: Rs 6.2 billion).
The strong growth was led by the custom synthesis division most likely due to higher than expected revenues from Molnupiravir.
Active pharma ingredient segment continues its weak performance due to intense pricing pressures.
Divi’s Lab’s strong positioning will help monetise the growth opportunity in API and contract research and manufacturing services space given its stellar execution track record, continuous aggression in capex, and status as one of the preferred suppliers.
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