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Q1 FY22 sales of the pharma companies we cover are likely to have grown 5% YoY (on a higher base).
Such companies India business are likely to have grown 21.5% though the gains likely to have been offset by muted U.S. performances (down 12.3%) and active pharmaceutical ingredient businesses (down 1%).
Lower promotional expense in Q1 FY21 led to Ebitda margins of most India-centric companies expanding.
With these cost now returning and on this higher base, Q1 FY22 margins are likely to have contracted 276 basis points YoY to 25.9%.
Adjusted profits of companies we cover are expected to have slipped 7.8% to Rs 26.2 billion due to margin pressures.
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