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 Q4FY23: Formulations – 51%, API (API+PFI) – 49% • Top five products (Paracetamol, Ibuprofen, Metformin, Methocarbamol, Guaifenesin) contributed 85% to FY23 revenues.
Outlook
We maintain BUY rating on the back of 1) focus on strengthening the core API portfolio, 2) geographical expansion with product mix changes, 3) compelling risk-reward matrix with an ability to play in strength areas. We value Granules India at 13x FY25E EPS of Rs 27.8 with target price as Rs 360/share.
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