Alembic Pharma Q2 Results: Firm posts Rs 137-crore net profit
Alembic Pharma on Tuesday reported a Rs 137 crore net profit in Q2FY24, which is a 3% year-on-year (YoY) increase compared to the corresponding period of the previous year. The company reported Rs 133 crore in net profit in Q2FY23.
Revenues grew 8% to Rs.1595 crore in Q2FY24 compared to Rs 1475 crore last year.
The earnings before interest, tax, depreciation and amortization (EBITA) declined 6% YoY to Rs 218 crore.
The EBITDA margins stood at 14% in Q2FY24.
The domestic formulation business which constitutes about 36% of revenues rose 5% YoY to Rs 577 crore in Q2FY24. Alembic has a market share of 1.5% of the Indian pharma market and four brands with revenue of Rs 1 billion, according to IQVIA, September data.
Around 14.6% of the product portfolio is under National List of Essential Medicine (NLEM) price control.
The US business that constitutes 28% rose 6% YoY to Rs 444 crore in Q2FY24 led by new launches and market share gain in few existing products.
The company said launches from new facilities to drive growth in upcoming quarters.
Ex-US international formulations grew 17% to Rs. 252 crores in the quarter.
The active pharmaceutical ingredient (API) business that constitutes about one-fifth of revenues rose 10% YoY to Rs 322 crore largely led by high off-take and better product mix in Q2.
“It was a satisfactory quarter led by growth in all the verticals of the company, in particular Ex-US which grew by 17% and the API business outperformed with a 10% growth during the quarter,” said Pranav Amin, MD of Alembic Pharma.
