Motilal Oswal - MOSL: HEALTHCARE: IPM secondary sales decline in July

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Motilal Oswal

MOSL: HEALTHCARE: IPM secondary sales decline in July

â€‹HEALTHCARE: IPM secondary sales decline in July

Indian pharmaceutical market (IPM) exhibited deceleration in growth due to operational issues in software upgradation (billing-related) post GST. IPM declined 2.4% YoY in Jul-17, but grew 3.1% YoY during May-July 2017.

The July-17 quarter witnessed volume decline of 0.4%, implying significant underperformance v/s 7.9% growth during July-September 2016. Growth in new products too came down to 2.8% from a high of 3.8% in August-October 2016 period. After witnessing a marginal increase in price growth during 1QFY18, price growth came down to 0.7% during May-July 2017. We expect industry growth to remain muted in the coming months due to GST-related issues.

Moving annual total (MAT) growth for May stood at -2.4% YoY on the back of subdued volume and price growth.

USV, Biocon and Intas witnessed highest growth in July-2017

USV (+16.1%) posted robust growth for the month of July, followed by Biocon (+11.9%) and Intas (+7.1%).

In July, ~50% of the companies posted a fall in secondary sales (most recorded low-to-mid-teens decline). Alembic posted decline of 17.2%, followed by Natco Pharma (-15.6%), Indoco Remedies (-13.3%), IPCA (-12.8%) and Pfizer (-11.9%).

18/08/2017 22 EN

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MOSL: HEALTHCARE: IPM secondary sales decline in July

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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