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Motilal Oswal Report
Granules India ltd. delivered operationally in-line Q3 FY23, led by robust traction in paracetamol (sales up 37% YoY). Favorable demand-supply consistency exhibited by Granules India would enable a sustained off-take of paracetamol by its customers in the coming quarters.
We cut our earnings per share estimates by 3%/5%/3% for FY23/FY24/FY25, respectively, to factor in:
an ongoing price erosion in the non-core molecules,
gradual traction in new launches, and
increased operational cost.
Granules India is working on multiple fronts –
differentiated product development coupled with supportive manufacturing capability/capacity,
backward integration for key raw materials,
strategic partnership with Greenko for carbon-free energy, green hydrogen and other chemical derivatives.
Accordingly, we factor in 19% earnings compound annual growth rate over FY23-25E.
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