Attended the concall partially. They reiterated many of these points - US pricing pressure slowing, other regulated markets and emerging markets growing, Endo launches picking up etc. Spoke about moving back to their erstwhile strategy of focusing on complex / difficult to make generics as opposed to “me too” products which they had resorted to post covid to balance the over-reliance on their acute portfolio.
They will bring the gross debt down to 1000cr by this year. Arun Kumar has guided for 20% EBITDA margins by six quarters, which is where they used to be pre-covid. Essentially the business seems to have made a clean bottom and should be on the way up from here, barring any unforeseen events.
Stelis is scaling steadily but no news on Sputnik money yet. I think we as investors should write it off.
| Subscribe To Our Free Newsletter |
