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Pharmaceuticals company Alkem Laboratories announced Q3FY24 & 9MFY24 results:
Q3FY24 Financial Performance:
- Total Revenue from Operations: Rs 33,239 million, a YoY growth of 9.3%.
- India sales: Rs 22,328 million, a YoY growth of 12.1%.
- International sales: Rs 10,240 million, a YoY growth of 3.1%.
- EBITDA: Rs 7,076 million, resulting in an EBITDA margin of 21.3% compared to 19.7% in Q3FY23, indicating an 18.1% YoY increase.
- R&D expenses: Rs 1,111 million, representing 3.3% of total revenue from operations, compared to Rs 1,297 million in Q3FY23 at 4.3% of total revenue from operations.
- Profit before tax (PBT) before exceptional item: Rs 7,062 million, a growth of 31.0% compared to Q3FY23.
- Net Profit (after Minority Interest): Rs 5,950 million, a YoY growth of 30.8%.
9MFY24 Financial Performance:
- Total Revenue from Operations: Rs 97,318 million, a YoY growth of 11.9%.
- India sales: Rs 64,613 million, a YoY growth of 7.9%.
- International sales: Rs 30,928 million, a YoY growth of 19.8%.
- EBITDA: Rs 18,435 million, resulting in an EBITDA margin of 18.9% compared to 14.4% in 9MFY23, indicating a 46.8% YoY increase.
- R&D expenses: Rs 3,472 million, representing 3.6% of total revenue from operations, compared to Rs 3,922 million in 9MFY23 at 4.5% of total revenue from operations.
- Profit before tax (PBT) before exceptional item: Rs 17,648 million, a growth of 61.4% compared to 9MFY23.
- Net Profit (after Minority Interest): Rs 15,022 million, a YoY growth of 64.5%.
Commenting on the results, Dr Vikas Gupta, CEO, Alkem said, "Continuing our trend of improved performance, Q3 builds on the momentum gained in H1 with significant gross margin enhancements backed by lower raw material cost and lower intensity of price erosion in US market resulting in improved EBITDA margins. Our domestic business has outperformed IPM growth by 20bps. Our international business has delivered steady growth, although US business de-grew on the back of the high base of last year led by flu season. In non-US business across geographies, we achieved very healthy growth. Our biosimilars business is performing impressively and witnessing significant traction in the domestic biosimilars market with Enzene’s portfolio of 7 products. We are committed to carrying forward the momentum of better operational performance, building on our recent successes."
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