bullish

Ipca Laboratories

Ipca Laboratories - On Course to Revive Earnings Growth

Equity Bottom-Up
287 Views, 24 Jun 2022 07:38
EXECUTIVE SUMMARY
  • The domestic formulation (DF) segment continues on its robust growth path, led by market share gain, favorable price hikes, addition of medical representatives (MRs), and its increased presence particularly in the cardiology segment.
  • The exports opportunity is expected to improve with increased product launches in the UK, new launches and market share gain in Russia, and industry outperformance in Africa branded generics market.
  • After 18% YoY decline in earnings in FY22, we expect 11% earnings CAGR over FY22- 24, led by 13%/8%/8% sales CAGR in DF, exports formulations, and API, respectively.

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Motilal Oswal
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Motilal Oswal Financial Services Limited
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