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Pharmaceuticals company Marksans Pharma announced Q3FY24 & 9MFY24 results:
Q3FY24 Financial Highlights:
- Operating revenue reached Rs 586.1 crore, marking a robust growth of 22.2% YoY. This growth was driven by market share gains, new launches, the addition of new customers, increased share with existing customers, and incremental contributions from the acquired Teva facility.
- Gross profit amounted to Rs 313.3 crore, reflecting a substantial increase of 30.4% YoY, with a commendable Gross margin of 53.5%.
- EBITDA surged to Rs 133 crore, demonstrating a remarkable growth of 73.6%, accompanied by an impressive EBITDA margin of 22.7%.
- EPS witnessed a solid growth of 17.8% YoY, reaching Rs 1.84.
9MFY24 Financial Highlights:
- Operating revenue for 9MFY24 stood at Rs 1,617.4 crore, marking a significant growth of 18.4% YoY.
- The US business exhibited a growth of 15.8% YoY, while the UK and Europe business saw an impressive growth of 26.5% YoY.
- Gross profit amounted to Rs 849.1 crore, representing a robust growth of 23.3% YoY, with a Gross margin of 52.5%.
- EBITDA surged to Rs 348.9 crore, marking a substantial growth of 51.9%, accompanied by a commendable EBITDA margin of 21.6%.
- EPS grew by 14.5% YoY, reaching Rs 5.19.
Business Highlights:
- In the US market, the Formulation business witnessed a growth of 15.8% YoY, driven by new product launches and an increase in the share of existing products.
- The UK and Europe Formulation business recorded revenue of Rs 710.2 crore in 9MFY24, marking a significant growth of 26.5% YoY.
- The Australia and New Zealand business reported revenue of Rs 155.5 crore in 9MFY24, marking a growth of 6.4% YoY, driven by incremental market share.
- The RoW business reported revenue of Rs 78.5 crore in 9MFY24.
Other Highlights:
- Capex incurred in 9MFY24 amounted to Rs 160.6 crore, in line with plans for scaling the acquired manufacturing unit from Teva Pharma in Goa to drive future growth.
- Cash balance as of December 31, 2023, stood at Rs 688 crore.
- Cash from Operations in 9MFY24 amounted to Rs 169.0 crore, with Free Cash Flow reaching Rs 8.4 crore.
Mark Saldanha, Managing Director of the Company said “We are thrilled to announce that we have delivered another quarter demonstrating robust performance. Our highest quarterly sales reached ~Rs 586 crore. Our dedication to delivering high-quality products has resulted in an increase in market share from existing customers and the addition of new customers. Positive momentum was observed in all our major regions. The US market grew by around 16% QoQ, mostly as a result of new product launches and the strengthening of our OTC portfolio.
Our efforts toward building capabilities and capacity for the acquired Teva Pharma manufacturing facility are on track and we have also started filing DMF for backward integration. Looking ahead, we are optimistic about our strategic initiatives which will drive our future growth and sustainable long-term shareholder value.”
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