- Margin expansion by 300bps is a pleasant surprise
- Strong profitability in a tough environment. Shows resilience of business
- Marginal decline in topline due to covid sales. Ex-covid sales, reasonable growth.
- CDMO degrowth was a miss
- Delay in capacity addition by one quarter
With:
EV/EBITDA < 10
PE < 15
ROICE of 37%
Cash on books ~514 cr
there is margin of safety in an otherwise expensive market.
D: Invested
| Subscribe To Our Free Newsletter |
