Active pharmaceutical ingredients sales momentum begins to normalise

After witnessing a momentum in active pharmaceutical ingredients (API) sales on account of formulation/medicine makers stocking up during the pandemic, drug makers have begun to see some correction on a sequential basis.

With API supply, especially from China, facing some constraints because of lockdowns in several countries, demand from global clients had shot up for Indian players. This had led to a spurt in API sales in the first two quarters of FY21.

However, with global clients now having adequate inventory, the order growth is beginning to normalise or slowdown in certain cases. This is evident from the Q3 results of several