Q1FY22 Result Update - US, India offer double pivot for growth; Tailwind in acute therapy to have booster effect in FY22E - BUY
last eight quarters. INDR maintains robust guidance in US generics with growth of 67%/24% in FY22E/FY23E. Its business expansion will drive 25%+ growth in Europe. We note that India formulation sales growth of more than 17% with revenue contribution of 55-60% will have multiplier benefit on sales and headline margins going forward. This along with strong and sustainable growth in US will improve EBITDA margin from 15-16% to 18-20% in FY22E23E. We maintain our positive outlook on INDR as we believe that 1) MR productivity would improve to Rs3lakhs/month (from Rs2.5lakh/month) along with existing field force, 2) India formulations growth to return to more than...