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Ipca Laboratories (IPCA IN): Domestic Revenue Drives Q1FY25 Result; Full-Year Margin Guidance Raise
794 Views07 Sep 2024 17:23
Boomeranged on Sun, 3 Nov 2024 22:29
Ipca will announce Q2FY25 result on November 14. Thus far, Indian pharma companies have reported strong domestic revenue. We are expecting similar performance from Ipca. Accumulate before the result announcement.
SUMMARY
- Ipca Laboratories (IPCA IN) reported 12% YoY growth in domestic revenue to INR8.7B in Q1FY25. The company has delivered market beating growth in both acute and chronic segments.
- Standalone EBITDA margin expanded 312bps YoY to 22.3% (FY25 guidance: 21%). Margin improvement is driven by favorable product mix, lower input costs as well as lower manufacturing and other costs.
- Ipca is reducing FY25 revenue growth guidance to ~9.0% from 10.5–11.0% and raising FY25 consolidated EBITDA margin guidance by 0.5–1.0% to 18.5–19.0%.
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