Earnings Report /
Bangladesh

Square Pharmaceuticals: Q2FY21 – c9% yoy earnings growth driven by c11% yoy topline growth – BUY

  • Earnings grew by c8.7% yoy in Q2 FY21 and c12.8% in H1 FY21. Revenue grew by c11.1% yoy in Q2 FY21 and c11.2% in H1 FY21

  • EBIT margin improved by 42bps yoy in Q2 FY21. Interest income declined because of low market interest rate

  • We reiterate BUY (ETR 21.2%) with an updated TP of BDT 275

Tanay Kumar Roy
Tanay Kumar Roy

Research Analyst

Shopnil Paul
Shopnil Paul

Research Associate

IDLC Securities
1 February 2021
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