Shilpa Medicare – Performance To Remain Steady With US FDA Resolution Key To Faster Growth: ICICI Securities


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Shilpa Medicare Ltd.’s gross margins declined in Q1 FY23 due to pricing pressures in both active pharma ingredient and formulation segments. Company is proactively working on process changes, backward integration of intermediates and increasing scale of operations to improve cost efficiencies and enhance margin profile.

In the API business, company intends to continue its focus on oncology molecules while reducing its dependence on niche non-onco molecules.

Shilpa Medicare has set up a dedicated block (including research and development and production blocks). It intends to complete six molecules (two in FY23 and four in FY24) for the exhibit batches.

Company is working on specialised polymers and believes there is enough opportunity to grow in the segment.

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