Q1FY21 Result Update - Lag in revenue growth but better guidance on SG&A leads earnings upgrade - REDUCE
Albuterol launch unable to make major gain in US 1QFY21 revenue and PAT were higher than our estimate due to revenue spillover of India formulations, African private markets and decline in SG&A; by 25% YoY. CIPLA guided for more than 20% EBITDA margin FY21E onwards primarily led by lower SG&A; and R&D; spend. We incorporated management's...