KR Choksey's research report on Supriya Lifesciences
During Q4FY23, Supriya Lifesciences Ltd. reported a revenue of INR 1422.7Mn it grew by 35.31% QoQ (-21.51% YoY) as a result of good traction seen in North America, Latin America and European markets. For FY23, the revenue stood at INR 4069 Mn. EBITDA for the quarter stood at INR 550 Mn( -27% YoY and +292% QoQ). The EBITDA margins grew by 2533 bps QoQ (-281 bps YoY) primarily on the account of improved revenue and product mix in regulated markets. Net profit for the quarter stood at INR 382.28 Mn (-17% YoY and +302% QoQ) The PAT margins grew by 138 bps YoY and 1782bps QoQ to 26.9%. EPS is reported at INR 4.75 as against INR 1.18 in Q3FY23 and INR 5.74 in Q4FY22.
Outlook
At CMP, we maintain a “BUY” rating on the stock with a revised target price of INR 292/share, applying PE multiple of 16x on FY25E EPS, giving upside of 17.8% on CMP.
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