ECONOMY

FDC – Quarterly Aberration: Centrum Broking

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FDC Ltd. ’s Q4 FY21 numbers were below our estimates. Revenues declined by 6% YoY/ 8% QoQ to Rs 3.1 billion, largely driven by slower than estimated export sales growth and gradual recovery in the domestic acute segment.

Export formulation grew by 7.5% YoY to Rs 572 million (18%of sales).

The quarter margins were impacted due to lower profit share from the U.S. business.

Domestic on ground activities improving led to higher staff costs and other expenses sequentially.

Impacting the Ebitda margins to the lowest in FY21 to 16.5%, we expect this to normalize as the domestic growth returns in coming quarters given the recovery in acute segment and key brands.

Click on the attachment to read the full report:

Centrum Broking FDC – Q4FY21 Results Update.pdf

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