Ipca Labs Q3 Review - Strong Export Tender, API Sales; Improved Margins: ICICI Direct

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ICICI Direct Report

Ipca Laboratories Ltd.’s Q3 FY21 revenues grew 16.2% YoY to Rs 1410 crore (our estimate: Rs 1374 crore) mainly due to strong YoY growth of 22.0% in export formulation to Rs 431 crore.

Active pharmaceutical ingredient sales also posted robust growth of 23.4% YoY to Rs 352 crore. Domestic formulations grew 7.7% to Rs 523 crore.

Ebitda margins improved 346 basis points YoY to 26.0% (our estimate of 26.1%) due to lower employee and other expenditure partially offset by lower gross margins.

Subsequently, Ebitda grew 34.1% YoY to Rs 367 crore (our estimate: Rs 358 crore).

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