Shilpa Medicare Q4 Review - Strong Performance; Licensing Fees Lift Margins: ICICI Securities

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..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. .Click on the attachment to read the full report:.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.

Shilpa Medicare Q4 Review - Strong Performance; Licensing Fees Lift Margins: ICICI Securities

Shilpa Medicare Q4 Review - Strong Performance; Licensing Fees Lift Margins: ICICI Securities

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