IPCA Labs -Ratlam takes toll on numbers… :: ICICI Securities, PDF link

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Ratlam takes toll on numbers…
• Revenues declined 7.8% YoY to | 780.6 crore, less than I-direct
estimate of | 935 crore due to lower-than-expected export
formulations sales (| 306 crore vs. I-direct estimate of | 394 crore)
and lower-than-expected export API sales (| 96 crore vs. I-direct
estimate of | 170 crore)
• EBITDA margins declined 1043 bps to 17.3% far less than I-direct
estimate of 24%. EBITDA in absolute terms declined 42.5% to | 134.8
crore (I-direct estimate of | 224.4 crore)
• Net profit declined 52.6% YoY to | 61.3 crore, way below I-direct
estimate of | 144.5 crore on account of the operational performance

LINK
http://content.icicidirect.com/mailimages/IDirect_IpcaLabs_Q2FY15.pdf