Q1FY21 Result Update - Core biz disappoints as focus shift towards COVID related product. Downgrade to Sell
COVID related products to share more focus in FY21E. 1QFY21 revenue was in-line with our estimate but EBITDA and EBITDAM were beat due to decline of SG&A; 17% YoY. We believe its foray into COVID related products has diverted its focus from core business when its top revenue contributors (India, US Gx) have been lacking consistency. With HCQ already...