Natco Pharma Q2 Results Review - Miss On Earnings: Dolat Capital

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Natco Pharma Ltd.’s Q2 FY24 results were below our estimates on account of lower than expected growth across segments. Revenue stood at Rs 10.3 billion (below estimate– Rs 11.6 billion), grew by 138.7% YoY and declined by 9.6% QoQ. Ebitda stood at Rs 4.6 billion (below estimate – Rs 5.9 billion), grew by 380.6% YoY and declined by 20.9% QoQ. Natco Pharma's Ebitda margin at 44.4% (below our estimate of 50.8%), expanded by 2235 bps YoY and contracted by 636 bps QoQ. We downgrade our earnings per share estimates by 9.6%/12.6% in FY24E/FY25E assuming lower than expected Ebitda margin in agrochem segment and base business. Rolling over to FY26, we maintain 'Accumulate' with revised target price of Rs 858..Click on the attachment to read the full report: .Aurobindo Pharma Q2 Results Review - Several Growth Levers In Place To Drive Topline: Axis Securities.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Natco Pharma Q2 Results Review - Miss On Earnings: Dolat Capital

Traction in agro sales while domestic business declines sequentially

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