Zydus Lifesciences Q1 profit up 2-fold at ₹1,087 crore

livemint.com:

Zydus Lifesciences Ltd on Friday reported over two-fold rise in consolidated net profit at ₹1,086.9 crore for the first quarter ended June 30, 2023 driven by strong sales growth from US formulations. The company had posted a net profit of ₹518.3 crore for the same quarter last fiscal, Zydus Lifesciences said in a regulatory filing.

Revenue from operations during the quarter under review stood at ₹5,139.6 crore as against ₹3,964.4 crore in the year-ago period, up 29.6 per cent. India geography clocked sales of ₹1,920.6 crore in the first quarter as compared to ₹1,816.7 crore in the corresponding period a year ago.

Sales from US formulations were at ₹2,454.1 crore as compared to ₹1,559.2 crore in the same quarter a year ago, up 57.4 per cent, the company said. Active pharmaceutical ingredients clocked sales of ₹138.9 crore in the first quarter as against ₹122.4 crore in the corresponding quarter last fiscal, it added.

During the quarter, the company witnessed a broad-based operational growth in its key businesses and a favourable product mix enhanced profitability, Zydus Lifesciences Managing Director Sharvil Patel said. "Strong execution and volume offtake drove revenue ramp-up in the US, while the India branded formulations business, adjusting for NLEM (national list of essential medicines) impact delivered solid 12 per cent growth," he added.