Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>1QCY21 Result Update</p>
<h2>Sanofi India</h2>
<h3>Lower costs help EBITDA margin expansion</h3>
<p>Sanofi India’s 1QCY21 earnings beat our/consensus expectations, led by a better-than-expected revenue performance and lower operational costs. Gross margin was lower QoQ/YoY, indicating higher proportion of revenue from traded goods/imported goods. Gross margin stood at 55.3% and was down 85bps QoQ and 136bps YoY. Key portfolio products that Sanofi India imports from its parent company include insulin, Clexane and…</p>

<p>Company Update</p>
<h2>Sanofi India</h2>
<h3>Highlights of Sanofi India’s Investor Meet</h3>
<p>Sanofi India Ltd (SIL) identified three strategic priorities – (1) Accelerate growth in Diabetes (2) Build Consumer Healthcare business with focus on Allergy and Pain (3) Build efficiency around established brands to enhance profitability.  Company does not intend to build a large portfolio by launching newer brands and spread out, but the intent is to go more deep into the segments / product category where it already has a…</p>

<p>4QCY20 Result Update</p>
<h2>Sanofi India</h2>
<h3>Higher Cost of sales dent earnings</h3>
<p>Revenue: Sanofi India’s (SIL) revenue in 4QCY20 stood at Rs7203mn, lower than our estimates by 1.7% and below consensus estimates by 7.1%. Revenue grew 5% QoQ, but declined by 13% YoY as the base quarter (4QCY19) included export sales to Zentiva which have been discontinued since May 29, 2020. This led to an approximate YoY reduction of Rs1,150mn worth of exports sales. The decline was also partly attributed to some therapy…</p>

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<p>3QCY20 Result Update</p>
<h2>Sanofi India</h2>
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<h3>Improved Business mix aids margin expansion</h3>
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<p>Revenue: Sanofi India’s (SIL) revenue in 3QCY20 stood at Rs6,866mn, above our estimates by 3% and below consensus estimates by 8.8%. Revenue declined by 12% YoY as during the quarter exports to Zentiva were discontinued led by the closure of divestment transaction of Ankleshwar facility. This led to an approximate QoQ reduction of Rs1,150mn worth of exports sales. The decline was also partly attributed to…</p>
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<p>2QCY20 Result Update</p>
<h2>Sanofi India</h2>
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<p><strong>Lower expenses help margin expansion</strong></p>
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<p>Sanofi India’s (SIL) revenue in 2QCY20 stood at Rs7,105mn, below our/consensus estimates by 5.9%/2%, respectively. Revenue declined by 5% YoY due to the COVID pandemic. Gross margin was lower QoQ at 55.5% but was up by 107bps YoY. Net profit at Rs1,363mn was above our/consensus estimates by 35.3%/30.2%, respectively. EBITDA for the quarter stood at Rs1,772mn, which was 14.1% ahead of our estimate. EBITDA margin…</p>
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India

Sanofi India Limited manufactures pharmaceuticals and chemicals. The Company has a worldwide presence, an extensive portfolio of prescription medicines, a portfolio of vaccines, major biological products, generics medicines, consumer healthcare, animal healthcare, and has a presence in both traditional and emerging markets.

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