Posting on behalf of @harsh.beria93 as he can not post more than 3 consecutive messages
FY24Q1 concall
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Q1FY24: Sales grew at 7%, Gross margin 75%, EBITDA margins ~ 26%, PAT margins ~ 20%
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Gross margin improvement was due to softening of API prices and recovery in EURO/INR. Reduction in freight costs was 2.5% of export sales
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Will maintain 25±1% EBITDA margin in FY24
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FY24: expect mid teen growth
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US:
o 19% growth in Q1 (1 new launch; 41 launched products; plan to launch 4-5 products in remainder FY24)
o Filed 3 ANDA in Q1 and received 3 approvals; plans to file 6-8 ANDAs during FY24
o Expect quarterly revenues to remain at similar levels (213 cr.)
o Price erosion has stabilized, expect high single digit price erosion
o gVimovo has been commercialized
o gChantix: waiting for approval, hoping to launch in Q4FY24 or Q1FY25
- Domestic:
o 14% growth in Q1, launched 3 new products (1 is first launch in India)
o Trade generics: 36 cr. (vs 33 cr. in Q1FY23). Expecting 10-12% growth
o IPM rank 26 (gained 1 rank)
o In MetXL, have been able to nullify impact of price cuts by growth in volume
o MRs: 2800
- Emerging market (branded generics)
o Africa branded de-grew by (-5)%. Expect mid teen growth in FY24
o France disruption ended in mid May and has normalized since June
o Asia branded grew by 6% in Q1. Expect mid teen growth in FY24
o Launched 2 products in Q1
- Africa institution
o De-growth of (-16%) in Q1
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CAPEX of 26 cr. in Q1. FY24 maintenance capex + corporate office will be 200 cr.
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R&D stood at 5% of sales
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