Earnings Report /
Bangladesh

Square Pharmaceuticals: Q3FY21 – c7% yoy NPAT growth driven by c5% sales growth, rise in associate NPAT

  • Earnings grew by 6.8% yoy in Q3 FY21 and 10.8% yoy in 9M FY21. Revenue grew by 5.2% yoy in Q3 FY21 and 9.1% in 9M FY21.

  • Flat gross margin, opex to sales increased. Profit from associate rose by c54% yoy. Other income increased by c8% yoy.

  • We reiterate BUY (ETR 34%) with a TP of BDT 275.

Tanay Kumar Roy
Tanay Kumar Roy

Research Analyst

Shopnil Paul
Shopnil Paul

Research Associate

IDLC Securities
10 May 2021
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