Buy Granules India; target of Rs 345: ICICI Direct

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ICICI Direct's research report on Granules India

Granules is a large-scale vertically integrated company that manufactures API, intermediates and finished dosages and has seven manufacturing facilities along with B2B & B2C marketing & distribution. • Revenue mix FY22: Formulations – 52%, API (API+PFI) – 48% • Top five products (Paracetamol, Ibuprofen, Metformin, Methocarbamol, Guaifenesin) contributed 81% to FY22 revenues.

Outlook

We maintain BUY on the back of 1) launches lined up across geographies along with incremental contribution from MUPS block, 2) focus on backward integration, 3) initiatives like passing on price hike to customers, and 4) compelling risk-reward matrix based on FY24E earnings. Valued at Rs 345 i.e. 14x P/E on FY24E EPS of Rs 24.6

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