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Asian markets are trading mixed even as US benchmarks reached record highs. The Nikkei is trading lower by 1.11%, while Hang Seng and Shanghai are trading higher by 0.47% and 0.38%, respectively.
In Q2FY25, companies within our pharma coverage revenue and EBITDA were in-line with our estimates, however Adj. PAT underperformed by 4.7%. The EBITDA margin was in-line with our estimate, but Adj. PAT margin underperformed by 73 bps. The aggregate revenue grew by 10.1% YoY and 1.8% QoQ. The corresponding EBITDA grew by 18.7% YoY but declined by 2.7% QoQ. EBITDA margins expanded by 180 bps YoY (-115 bps QoQ) to 24.9%.