- 13 Aug 2024
- ICICI Securities
NATCO PHARMA Q1FY25- REVENUES IN LINE BUT SIGNIFICANT BEAT IN PROFITABILITY PROPELLED BY GREVLIMID
NATCOPHARM - 781 Change: -3.05 (-0.39 %)News: Revenues grew ~20% YoY to ₹ 1367 crore driven by export formulations which grew 37% to ₹ 1210 crore on the back of significant traction from anti-cancer drug gRevlimid. Typically, gRevlimid sales are high in Q4 and Q1 quarters. Other segments remained weak with 48% de-growth in APIs to ₹ 39 crore, 23% de-growth in the domestic formulations to ₹ 102 core and 65% de-growth in the crop protection to ₹ 16 core. EBITDA grew 55% YoY to ₹ 809 crore while EBITDA margins improved 1310 bps to 59%. EBITDA growth was mainly driven by strong GPM improvement (~407 bps YoY to 86.8%). PAT grew 61% YoY to ₹ 669 crore.
Views: The performance, as expected, was completely dominated by gRevlimid. Such was the dominance that it eclipsed the slowdown in other segments. We will get some insight from the management in the earnings call.
Impact: Positive