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Motilal Oswal Report
Granules India Ltd. delivered a better than expected Q1 FY23 performance, led by better operating leverage. It intends to add biotechnology as a new lever of growth. Likewise, it has acquired a small biotech company, which adds fermentation-based capabilities.
We raise our FY23/FY24 earnings per share estimate of Granules India by 8% each, factoring in:
reducing cost pressures in terms of raw materials as well as logistics cost,
improvement in the availability of key raw materials for Paracetamol, and
improving operational cost for the abbreviated new drug application-related business.
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