Granules India Initiating Coverage Report By Motilal Oswal

Over the last five years, Granules reported 45% earnings CAGR on improved profitability, higher operating leverage and superior business mix. It expanded its finished dosages business at a CAGR of 42% over FY11-15, leading to higher profitability and improved utilization of the existing capacity of 18b tablets. Profitability of the PFI business has also improved substantially, with the implementation of 6MT order capacity. As a result, GRAN has expanded its EBITDA margins from 11.8% in FY11 to 18.8% in FY16E.

Granules-Motilal-Oswal-IC

Granules-Motilal-Oswal