Emerging markets (EM) account for 92% of revenues and consist of LatAm - 87% (both Central, South America) and Africa- 5%. Revenues grew at 25% CAGR over a decade mainly due to 1) early mover advantage in these untapped markets, 2) geographical expansion (starting with two countries to 10 currently), 3) ability to address market gaps, especially in generics space (via trading model) with a hold on end-to-end distribution channels. We expect growth momentum to persist mainly due to further expansion in front end, increasing product basket, change in product mix, launching of own...

Quick Research Note

Q1FY21 revenues grew a robust 24.7% YoY to | 240.1 crore. EBITDA margins fell 517 bps YoY to 29.8% due to higher operational costs. Sequential margin improvement (up 483 bps) was on account of better gross margins (one-off impact in Q4FY20) despite higher staff costs due to recently acquired subsidiaries. Subsequently, EBITDA grew 6.3% YoY, 33.1% QoQ to | 71.6 crore. PAT grew 8.6% YoY to | 54.5 crore. Delta vis-a-vis EBITDA...