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Prabhudas Lilladher Report
Cadila Healthcare Ltd.’s Q4 FY21 sales were in-line, while earnings beat our estimates with contribution of higher-margin products (Covid-19 drugs) in India, which more than offset the shortfall in U.S. generics.
The weak flu season, homebound population in lockdown and price erosion in older products were key reasons for 5% QoQ decline in U.S. sales.
There were however better contributions from India formulations, consumer wellness products and lower marketing overheads helped in maintaining adjusted Ebitda margin at 20.4%.
In addition, 70% reduction in interest cost and higher other operating income helped in normalized profit before tax growth of 5%.
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