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US key growth driver despite recent compliance upheavals After filing its first ANDA in the US in 2003, the company has come a long way as current ANDA filings are at 604. US revenues have grown from ~US$100 million in 2009 crossing $1.6 billion sales as on 2020. In rupee terms, US sales have grown at 17% CAGR to | 11484 crore in FY16-20. US formulations now constitute 50% of total turnover, up from 30% in FY13. Despite calling off the acquisition of Sandoz' US dermatology and oral solid portfolio, we expect US revenue size to reach | 14925 crore in FY22E at a...
Strong increase in revenue driven by volume growth In Q1FY21, Britannia achieved one of the strongest growth in topline of 26.4% YoY (of which ~21.5% was attributable to volume growth and ~5% due to favorable mix and pricing) to reach Rs. 3,384cr. Direct reach outlets during the quarter rose to 21.5 lacs (vs. 19.7 lacs in Q4FY20). The company's continued focus on rural sales (~37% of total revenue) led to robust increase in Rural Preferred Dealers (RPDs) to 22k (vs. 19k in Q4FY20). Amongst other channels, Modern trade remained subdued as many stores remained shut down due to COVID-19, alternate channels such as institutional...
Initiating coverage on Coromandel International with a Buy rating, valuing it at 20x FY2022 EPS with a PT of Rs. 1,000 Company among India's top integrated agri solutions provider; significant backward integration drives margins, cashflows and return ratios...
ITC reported a better than expected Q1FY21 revenue at Rs 9,436crs vs est. 9,205crs (3% higher vs our estimates), it de-grew 17% YoY impacted by disruptions in operations due to nationwide lockdowns.
Revenue grew by 26%, highest in the past several quarters. Gross margins improved by 124 bps, while OPM improved by 634 bps. Adjacent product categories such as rusk, bread and cheese clocked...
Revenue grew by 26%, highest in the past several quarters. Gross margins improved by 124 bps, while OPM improved by 634 bps. Adjacent product categories such as rusk, bread and cheese clocked...
nationwide lockdown was announced in the last 10 days of March, which lead to a slump in demand of gas. Operating profit was below our estimates, due to higher other expenses as they moved to IndAs which included lease impact and forex impact as rupee depreciated by Rs. 4 in Q4FY20. The overall volumes were 219 TBTU in Q4FY20. Volume at Dahej was 206 TBTU, and Kochi volumes and capacity utilization remained low. Given gradual capacity addition and increase in re-gasification margins,...
ITC's Q4FY2020 performance was affected by lockdown with revenues declining by 6.4% and adjusted PAT stood flat. Cigarette business revenue declined by ~6.5%, largely due to a 10-11% dip in cigarette sales volumes. The sales volumes stood almost flat in January-February. Non-cigarette FMCG business declined by ~3% (comparable revenue growth excluding stationary business and hived-off the retail business stood at 5%). Revenue and PAT grew by 2.2% and 23% (aided cut in the corporate tax rate) in FY2020. Manufacturing of essentials such as personal wash, hygiene...
