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IPCA Labs: API capacity constraint almost out of the way

IPCA continues to strive for vertical integration of its formulation production to the level of KSM (Key Starting Material). As of now, more than 60 percent of APIs used for formulations are produced in-house

February 09, 2021 / 09:44 AM IST
IPCA Labs: API capacity constraint almost out of the way

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights - Q3 performance aided by both Formulations and APIs - API capex plans worth Rs 400 crore on track and expected to complete in a year - Vertical integration & product diversification remain key to investment case - Operating margins to remain elevated, although pre-Covid expenses likely to perk up Following its recent quarterly performance, IPCA Labs’ (CMP: Rs 1,932, Market cap: Rs 24,509 crore) management exuded confidence in terms of traction for capex projects and sustenance of elevated operating margin. While we take note of this,...

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