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Suven Pharma Q1 Review – CRAMs Continue To Deliver, Outlook Stable: ICICI Direct

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Suven Pharmaceuticals Ltd.’s revenues grew 28% YoY to Rs 339 crore, driven by 37% YoY growth in contract research and manufacturing services-pharma to Rs 210 crore and 38% YoY growth in CRAMS-specialty chemical to Rs 117 crore.

Ebitda margins improved 108 bps YoY to 44.5%, mainly due to higher gross margins (up 43 bps to 71.3%). Ebitda grew 32% YoY to Rs 151 crore while profit after tax was up 2% YoY to Rs 107 crore.

Delta vis-a-vis Ebitda was due to higher tax expense. Suven’s quarterly revenues were in line with our estimates while margins were better than expected.

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For Suven, CRAMS-pharma remain a high-value, high-margin business, involving the supply of intermediates for new chemical entities. However, on a Covid-led high base of FY22 and gradual transformation of big pharma from Covid to non-Covid investments, FY23 is likely to be a steady year.

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