Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>Dishman Carbogen Amcis</h2>
<h3>CRAMS Switzerland – strong growth, but CRAMS India disappoints</h3>
<p>Dishman’s 4QFY21 revenue at Rs5,290mn was up 13% QoQ and 6% above our expectation. Revenue outperformed our expectation, led by strong growth in CRAMS Switzerland, which was up 23% YoY. But, gross margin was significantly lower due to higher share of cholesterol revenue in the marketable molecule mix. Adverse Business mix within CRAMS Switzerland also impacted gross margin. CRAMS India…</p>

India

Dishman Carbogen Amcis Limited manufactures and distributes specialty pharmaceutical products. The Company develops vitamins, chemicals, phosphonium, disinfectants, and parental drugs. Dishman Carbogen Amcis serves cusotmers worldwide.

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