ICICI Direct's research report on Granules India
Revenues grew 20% YoY to Rs 845 crore driven by new launches and higher market share of existing products across segments. Formulations grew 11% YoY to Rs 422 crore, API grew 20% to Rs 252 crore and PFI grew 48% to Rs 171 crore. EBITDA margins improved 187 bps YoY to 25.1% due to change in product mix and higher operational efficiency. EBITDA grew 29.7% YoY to Rs 212 crore. Adjusted PAT grew 52.8% YoY to Rs 147 crore. Delta vis-a-vis EBITDA was due to higher other income (one-time Rs 13.4 crore stimulus money received by US subsidiary).
Outlook
We maintain BUY and target price of Rs 460, unchanged, at 15x of FY23E EPS of Rs 30.6).
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