Strides Pharma Q4 Review – Strong Growth; Margin Hit By Higher Costs: ICICI Securities

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Strides Pharma Science Ltd. reported a steady Q4 FY21 performance with strong revenue growth, although margin was impacted by higher logistics costs.

Revenue grew 46.9% YoY to Rs 9.1 billion (our estimate: Rs 8.5 billion) with strong growth across businesses and Ebitda margin improved 400 basis points to 17.5% (our estimate: 19.8%) but Q4 FY20 was a low base due to ranitidine ban.

Sequentially Ebitda margin dropped 170 bps due to higher logistics costs despite strong revenue growth.

Ex-incremental costs, margin was strong at 20.3%.

U.S. grew 9.4% QoQ to $58 million led by new launches and traction in existing products.

Click on the attachment to read the full report:

ICICI Securities Strides Pharma Q4FY21 Result Update.pdf


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