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ICICI Securities Report
Shilpa Medicare Ltd.’s Q4 FY22 performance was materially above our estimates on all fronts. Revenues grew 63.7% YoY to Rs 3.4 billion (our estimate: Rs 2.7 billion) led by strong performance in the active pharma ingredient segment and licensing fees.
Ebitda margin stood at 21.6% (our estimate: 17.1%) though, adjusting for the licensing income of Rs 189 million, Ebitda margin was at 17.0%.
Adjusted profit after tax grew 279% YoY on a low base to Rs 296 million (our estimate: Rs 145 million).
API plus contract research and manufacturing services revenues were up 87.8% YoY to Rs 2.3 billion and formulations revenues (including licensing fees) were 78.1% YoY higher at Rs 865 million with incremental sales from the Europe.
Shilpa Medicare is hopeful of U.S. Food and Drug Administration re-inspection of the Jadcherla formulations unit, which has been under import alert.
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