IN : Alkem Laboratories Ltd - Structural story on track

4QFY21 revenue was in line, while EBITDA was below our estimate, mainly due to lower-than-expected gross margin. Gross margin was impacted by the Rs800m inventory provision for Ibuprofen and a few other products in the US that are unlikely to be realised in six months. We reiterate our Add rating with lower TP of Rs3,545 at 22x FY23F P/E.

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