Q1FY21 Result Update - Specialty, Taro to remain weak; Lower overhead likely to be unsustainable - Downgrade to 'Reduce'
Net loss of Rs16.5bn due to Taro DOJ settlement and provision SUNP 1QFY21 revenue were lower than our estimate because of US specialty and Taro sales while adj. EBITDA margin positively surprised at 23.1% (PLe :20.4%) due to 1) lower R&D; spend (5.6% of sales v/s 6.4% QoQ) and 2) lower SGA costs led by travel restriction on employees and lower marketing...