Anand Rathi's research report on Pfizer India
Pfizer’s Q3 revenue slid 8% y/y, 3% q/q, to Rs6.2bn. Even as MinipressXL growth was good, Becosules was flat, while Mucaine, Gelusil and Wysolone declined. The gross margins was steady q/q at 65%. Sequentially, staff costs and other expenses were up 11% each, which led to a 360bp contraction in the EBITDA margin to 32.7%. PAT was Rs1.5bn (up 5% y/y). Management had earlier said in the AGM, that FY23 is expected to be soft (on a high base), while we believe FY24/FY25 revenues should pick up.
Outlook
We retain our Buy, at a lower TP of Rs4,800 (earlier Rs5,225), at 32x FY25e EPS.
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