Granules India Q4 Review – Ebitda Margins Inched Up, Amid Rising Input Costs: KRChoksey

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KRChoksey Research Report

Granules India Ltd. reported 28.9% YoY (up 3.3% QoQ) growth in revenue to Rs 10.30 billion in Q4 FY22.

Gross margin declined 834 basis points YoY (up 229 bps QoQ) to 48.93% in Q4 FY22. The gross margins were affected by increased costs of key starting materials like Para Amino Phenol, other inputs’ costs such as solvent’s costs increase, and rise in the unrecovered freight costs YoY in Q4 FY22.

Ebitda margin contracted 656 bps YoY (up 128 bps QoQ) to 18.7% in Q4 FY22 and net profit declined 13.0% YoY (up 10.0% QoQ) to Rs 1.11 billion in Q4 FY22.

Granules India is on a medium-long term transformation path to get more backward integrated as a fully integrated active pharma ingredient, pharmaceutical formulation intermediates and finished dosage company, besides dwelling into contract manufacturing organisation for specialty segment like Oncology.

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