New Delhi, Apr 18 (KNN) The Indian pharmaceutical sector is poised for impressive growth in the fiscal year 2024, according to a report by the financial services firm Sharekhan.

The firm projects an 11 per cent year-on-year (YoY) revenue increase to Rs 60,202 crore for the industry, accompanied by a 24 per cent rise in EBITDA to Rs 14,971 crore and a staggering 43 per cent growth in profit after tax to Rs 9,174 crore.

Sharekhan estimates that the EBITDA margins of pharmaceutical companies will expand by 252 basis points YoY to 24.9 per cent, driven by a favourable product mix and cost rationalisation measures.

The domestic Indian segment is expected to contribute significantly, growing by 10 per cent to Rs 14,908 crore.

The Indian region is predicted to see a 10 per cent YoY growth, propelled by the launch of complex products in the fourth quarter of FY 2024.

Despite challenges such as research and development expenditure and USFDA inspections, Indian pharmaceutical companies are well-positioned to capitalise on growth opportunities due to their global competitiveness and substantial market share.

The report cites factors such as 8-10 per cent growth in the domestic branded business, a focus on complex product launches, rising Loss of Exclusivity (LOE) opportunities, increasing preference for specialty and complex generics, and emerging opportunities in the Active Pharmaceutical Ingredients (API) space due to the China+1 factor as drivers of sustained performance for the industry.

(KNN Bureau)