Neuland Laboratories Ltd : Latest Quarterly Results Analysis

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Neuland Laboratories Ltd. 10 May 2024 17:49 PM

Result PDF

Pharmaceuticals company Neuland Laboratories announced Q4FY24 & FY24 results:

FY24 income at Rs 1,571.1 crore, up 30.8% YoY
EBITDA at Rs 474.5 crore, up 68.8% YoY

Commenting on the performance Sucheth Davuluri, Vice-Chairman and Chief Executive Officer of the Company said, “We surpassed revenues of Rs 1,500 crore in FY24 with EBITDA at over 30%. This has been driven by high growth in the CMS business and steady growth of the Specialty GDS business, both of which were in line with our plans and expectations. Another key element is the work on optimizing costs & processes which will also make us truly sustainable.”

In addition, Saharsh Davuluri, Vice Chairman and Managing Director, Neuland Laboratories added “Our CMS business saw robust growth in FY24 as some projects are near launch while key commercial products continue to scale. Our growing reputation and the macro-environment are ensuring that exciting opportunities come our way even as we work towards building a further differentiated customer experience. We will continue to invest for the future by adding capacity and capabilities.”

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Q3FY24 Quarterly & 9MFY24 Result Announced for Neuland Laboratories Ltd.

Pharmaceuticals company Neuland Laboratories announced Q3FY24 & 9MFY24 results:

Q3FY24 vs Q4FY23:

Total Income: Rs 394.9 crore, showing a growth of 46.2% compared to Q3FY23.
EBITDA: Rs 122.7 crore, increased significantly by 123.5% from Q3FY23.
EBITDA Margin: 31.1%, improved by 1080 basis points (bps) from Q3FY23.
PAT: Rs 80.7 crore, showing a substantial growth of 165.1% compared to Q3FY23.
PAT Margin: 20.4%, increased by 910 bps from Q3FY23.
EPS (Basic): Rs 62.9, reflecting a growth of 165.1% compared to Q3FY23.

9MFY24 vs 9MFY23:

Total Income: Rs 1,180.8 crore, increased significantly by 50.3% compared to 9MFY23.
EBITDA: Rs 362.3 crore, showing a substantial growth of 136.4% compared to 9MFY23.
EBITDA Margin: 30.7%, improved by 1120 bps from 9MFY23.
PAT: Rs 232.0 crore, showing a substantial growth of 195.1% compared to 9MFY23.
PAT Margin: 19.6%, increased by 960 bps from 9MFY23.
EPS (Basic): Rs 180.8, reflecting a growth of 195.1% compared to 9MFY23.

Commenting on the performance Sucheth Davuluri, Vice-Chairman and Chief Executive Officer of the Company said, “We are pleased to report another quarter of strong YoY topline growth of 46% to Rs 395 crore. The EBITDA margin of 31.1% is a factor of the business mix as well as improved operational leverage. Even as we see this as a validation of Neuland’s business model, we are focused on continuously improving operations across the company. We are investing both on infrastructure and our people so that we can deliver on our long-term plans.”

In addition, Saharsh Davuluri, Vice Chairman and Managing Director, Neuland Laboratories added “Our CMS business saw healthy growth led by commercial as well as projects close to commercialization. The increasing interest from customers with exciting pipelines establishes Neuland’s reputation as a well regarded CDMO. As the quality and size of our business grows, we are gaining a better visibility of our future and planning accordingly.”

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Q1FY24 Quarterly Result Announced for Neuland Laboratories Ltd.

Pharmaceuticals company Neuland Laboratories announced Q1FY24 results:

Total Income of Rs 365.0 crore in Q1FY24 compared to Rs 221.7 crore in Q1FY23, up 64.7% YoY
EBITDA of Rs 99.3 crore in Q1FY24 compared to Rs 29.0 crore in Q1FY23, up 242.5% YoY
EBITDA margin of 27.2% in Q1FY24 compared to 13.1% in Q1FY23 , up 1,410 bps YoY
PAT of Rs 62.2 crore in Q1FY24 compared to Rs 9.8 crore in Q1FY23, up 532.3% YoY
PAT margin of 17.0% in Q1FY24 compared to Rs 4.4% in Q1FY23, up 1,260 bps YoY
EPS (Basic) of Rs 48.5 in Q1FY24 compared to Rs 7.7 in Q1FY23, up 532.3% YoY

Commenting on the performance Sucheth Davuluri, Vice-Chairman and Chief Executive Officer of the Company said, “The performance this quarter is in line with our plan and is a good indicator of the business momentum within the organization. The high YoY growth had contributions from all three segments and the EBITDA margin improvement of 1,410 bps on a YoY basis reflects the change in business mix as well as operating leverage playing out. We continue to be watchful on balancing growth with profitability by having a continuous focus on cost optimization and efficient operations to capitalise on opportunities which we believe will bring us greater scale over the long term.”

In addition, Saharsh Davuluri, Vice Chairman and Managing Director, Neuland Labs added, “CMS growth in Q1FY24 was driven by recently commercialized molecules as well as molecules in the pipeline. We expect more molecules to be commercialized in the medium term which will drive our future growth. We saw a couple of more milestones in terms of our regulatory track record as Unit 3 was successfully inspected by the US FDA and we had Unit-1 being audited by EDQM. While the external environment remains uncertain with funding of early-stage molecules being affected, we remain cautiously optimistic about our future growth given the strength of our portfolio.”

Result PDF

Q4FY23 Quarterly & FY23 Annual Result Announced for Neuland Laboratories Ltd.

Pharmaceuticals company Neuland Laboratories announced Q4FY23 & FY23 results:

Q4FY23:
- Total Income for Q4FY23 at Rs 415.1 crore ( 61.8% YoY) led by growth in Specialty and CMS segment
- EBITDA for Q4FY23 at Rs 127.8 crore ( 224.8% YoY)
- EBITDA Margin for Q4FY23 at 30.8% (increased by 1550 bps YoY)
- PAT for Q4FY23 at Rs 84.5 crore ( 287.2% YoY)
- Net Debt stood at Rs 63.0 crore as at Q4FY23 end compared to Rs 212.0 crores as at Q4FY22 end and Rs 72.0 crores as at Q3FY23 end
FY23:
- Total Income for FY23 at Rs 1,200.9 crore ( 26.0% YoY) led by growth in Specialty and CMS segment
- EBITDA for FY23 at Rs 281.1 crore ( 94.8% YoY)
- EBITDA Margin for FY23 at 23.4% (increased by 830 bps YoY) due to a better business mix
- PAT for FY23 at Rs 163.1 crore ( 156.7% YoY) due to a slower increase in depreciation compared to an increase in EBITDA
- Debt/Equity stood at 0.12x due to the retirement of Rs 113.6 crore borrowings (net) in FY23
- Net Debt stood at Rs 63.0 crore as at FY23 end compared to Rs 212.0 crore as at FY22 end

Commenting on the performance Sucheth Davuluri, Vice-Chairman and Chief Executive Officer of the Company said, “We crossed several significant milestones in FY23 with business driven by ongoing growth in the high margin Specialty and CMS business. The performance of this fiscal reflects the various initiatives we have taken in line with our strategy over the last few years, playing out now. We believe that this puts us in a strong position as we look to consolidate the healthy momentum going forward.”

In addition, Saharsh Davuluri, Vice Chairman and Managing Director, Neuland Labs added “We are happy to state that our focus on R&D and project management saw us achieve our highest ever profitability margins in FY23. We executed a number of CMS projects during the year resulting in the business recording significant growth and contributing close to half the Q4 revenues. We expect this momentum to continue in the future as well on account of new customers increasingly accepting Neuland as an established CDMO.”

Result PDF

Q4FY22 Quarterly Result Announced for Neuland Laboratories Ltd.

Pharmaceuticals firm Neuland Laboratories declares Q4FY22 result:

Neuland FY22 income at Rs.953.2 crore
EBITDA at Rs. 144.3 crore

Commenting on the performance Mr. Sucheth Davuluri, Vice-Chairman and Chief Executive Officer of the Company said, “The past financial year was marked by a flat revenue, owing principally to weak GDS offtake from our customers. Given our focus on building execution excellence, we remain confident about the long-term prospects of all our businesses despite facing certain technical issues with some late-stage CMS projects.”

In addition, Mr. Saharsh Davuluri, Vice Chairman and Managing Director, Neuland Labs added “Our performance this year was a mixed bag. While our GDS business experienced a revenue decrease due to volume drop in certain key products, our input cost structures experienced an unusual increase. Given our focus on delivering complex projects in line with clients’ technical requirements, we retain our optimism that the overall business will grow in line with our stated expectations and reflect increased margins over the long term.”

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Trending News

Operational performance was better than expectations

Revenue increased by 18.2% YoY (+143.7% QoQ) to Rs 14768.8 crore in Q4FY24. During the quarter, the company has recognized additional revenue of ~Rs 549 crore pertaining to change of value of an old contract. EBITDA margin was at 40% (vs 26% in Q4FY24). However, the company has reversed the provision of Rs 1034 crore made in earlier years. Adjusted revenue growth during the quarter stands at 13.8% YoY with EBITDA margin at 30.4% (+439 bps YoY). EBITDA was up 81.8% YoY to Rs 5901.3 crore. PAT was up 52.2% YoY to Rs 4308.7 crore due to lower tax outgo last year in Q4FY23. For FY24, revenue is up 12.8% YoY to Rs 30381.1 crore with EBITDA margin at 32.1% (vs 24.8% in FY23). PAT for FY24 is up 30.8% YoY to Rs 7621 crore.

Published on 17-May-2024 09:10

M & M reports healthy Q4FY24, guided for aggressive capex spend and product launches till 2030

At M&M, on the standalone basis, topline for the quarter came in at ₹25,109 crore (up 11% YoY) with automotive segment volumes growing 14% YoY at 2.16 lakh units and tractor sales volume at 0.72 lakh units (down 20% YoY). EBITDA in Q4FY24 came in at ₹3,240 crore with corresponding EBITDA margins at 12.9% (up 10 bps QoQ). Resultant PAT for the quarter stood at ₹2,038 crore (up 32% YoY). Automotive segment EBIT margins improved further to 8.8% (up 50 bps QoQ) while Farm Equipment segment margins improved to 15.8% (up 30 bps QoQ). It generated healthy CFO to the tune of ~₹ 11,500 crore in FY24 with capex spend pegged at ~₹ 5,000 crore. It also declared a dividend of ₹ 21/share for FY24.

Published on 17-May-2024 09:09

Caplin Point Q4FY24- US driven growth continues

Revenues grew ~16% YoY to Rs 453 crore on the back of ~78% growth in Caplin Steriles (mainly US) to Rs 103 crore which was driven by consistent launches in injectables and ophthalmics. Legacy Latam markets growth was slightly muted at 5% to Rs 350 crore on a higher base. EBITDA grew ~17% YoY to Rs 145 crore with margins stood at 32%. PAT grew ~20% to Rs 121 crore.

Published on 17-May-2024 09:08

Biocon Q4FY24 Results- soft quarter with growth in Biosimilars only solace

Revenues grew 4% YoY to Rs 3604 crore driven by Biosimilars which grew ~12% YoY to Rs 2358 crore. Research Services (Syngene) de-grew 8% YoY to Rs 917 crore, while Generic sales de-grew 3% to Rs 718 crore. EBITDA stood at Rs 916 core, a de-growth of 8% mainly due to higher employee expenses (Viatris integration) and other expenses even as R&D spend was significantly lower. EBITDA margins stood at 23.4% during the quarter (~300 bps lower).

Published on 17-May-2024 09:07

Vodafone Idea: Renewed capex to be key monitorable

Vodafone Idea’s (VIL) Q4FY24 performance was muted, albeit subscriber churn saw some moderation QoQ. Reported revenues were down 0.6% QoQ to ₹ 10,607 crore. ARPU was up 0.7% QoQ to ₹ 146. The subscriber base declined at ~2.6 million QoQ (vs. 4.6 mn decline in Q3), with monthly churn rate at 3.9%, down from 4.3% in Q3. 4G base saw an addition of 0.7 mn. Reported EBITDA margins was flattish QoQ at 40.9% largely due to lower network opex and marketing expenses. The reported loss stood at ₹ 7675 crore.

Published on 17-May-2024 09:04

Revenue de-growth continues on decline in exports and lower explosive realisation

Revenues declined by 16.5% YoY (+12.7% QoQ) to Rs 1610.7 crore in Q4FY24 as the revenue across major segments remained lower on YoY basis. Explosives segment revenue (46% of total) declined by 19% YoY (+6.3% QoQ) to Rs 736 crore as volume growth of 24% YoY (+8% QoQ) was negated by decline in realisations (-34% YoY, flat QoQ). Exports revenue (37% of total) was down by 20% YoY (-5.6% QoQ) to Rs 589 crore. However, defence segment revenue (12% of total) increased by 75% YoY (+213% QoQ) to Rs 194 crore. EBITDA margin improved significantly by 342 bps YoY (-297 bps QoQ) to 22.0%, primarily led by lower raw material (ammonium nitrate) prices. Subsequently, EBITDA was down 1.1% YoY (flat QoQ) to Rs 353.7 crore. PAT was up 10% YoY (+9.4% QoQ) to Rs 242.7 crore on higher other income and lower tax outgo. For FY24, revenue is down 12% YoY to Rs 6070 crore with EBITDA margin at 23% (vs 19% in FY23). FY24 PAT is up 8% YoY to Rs 875.3 crore.

Published on 17-May-2024 09:03

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