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Pharmaceuticals company Alkem Laboratories announced Q2FY24 & H1FY24 results:
- Q2FY24:
- Total Revenue from Operations was Rs 34,402 million, YoY growth of 11.7%
- India sales were Rs 23,278 million, YoY growth of 5%
- International sales were Rs 10,542 million, YoY growth of 27.1%
- Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) was Rs 7,467 million, resulting in an EBITDA margin of 21.7% vs. 14.7% in Q2FY23. EBITDA increased by 64.5% YoY.
- R&D expenses for the quarter were Rs 1,158 million, or 3.4% of total revenue from operations compared to Rs 1,305 million in Q2FY23 at 4.2% of total revenue from operations
- Profit before tax (PBT) after the exceptional item was Rs 6,480 million, a growth of 61.1% compared to Q2FY23
- Exceptional item of Rs 577 million debit was on account of impairment of fixed assets
- Net Profit (after Minority Interest) was Rs 6,205 million, with YoY growth of 87.6%
- Total Revenue from Operations was Rs 34,402 million, YoY growth of 11.7%
- H1FY24:
- Total Revenue from Operations was Rs 64,079 million, YoY growth of 13.3%
- India sales were Rs 42,285 million, YoY growth of 5.8%
- International sales were Rs 20,688 million, YoY growth of 30.2%
- Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) was Rs 11,359 million, resulting in an EBITDA margin of 17.7% vs. 11.6% in H1FY23. EBITDA increased by 72.9% YoY
- R&D expenses for H1FY24 was Rs 2,360 million, or 3.7% of total revenue from operations compared to Rs 2,625 million in H1FY23 at 4.6% of total revenue from operations
- Profit before tax (PBT) after the exceptional item was Rs 10,009 million, a growth of 80.6% compared to H1FY23
- Exceptional item of Rs 577 million debit was on account of impairment of fixed assets
- Net Profit (after Minority Interest) was Rs 9,073 million, YoY growth of 97.9%
- Total Revenue from Operations was Rs 64,079 million, YoY growth of 13.3%
Commenting on the results, Sandeep Singh, Managing Director, Alkem said, " Continuing our trend of improved performance, Q2 builds on the momentum gained in Q1 with significant gross margin enhancements backed by lower raw material cost and lower intensity of price erosion in US market and increased operating leverage, resulting in improved EBITDA margins. Domestic growth for the quarter remained subdued due to sporadic monsoon. However, we observed significant traction in the domestic market during the month of September and anticipate continued momentum in the coming quarter. Our international business, both US and Non-US market maintains its robust performance, which was evident in Q1 and continues to flourish. Our biosimilars portfolio is performing impressively, with Enzene’s latest product addition (Ranibizumab), taking the product suite to 7, and witnessing significant traction in the domestic biosimilars market. We are committed to carrying forward the momentum of better operational performance, building on our recent successes."
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