Pharmaceuticals company Aarti Drugs announced Q1FY24 results: Consolidated Q1FY24: Revenue stood at Rs 661.7 crore as against Rs 622.2 crore, a growth of 6% YoY EBITDA stood at Rs 84.7 crore as against Rs 67.4 crore YoY. EBITDA Margin (%) came in at 12.8% PAT stood at Rs 48.0 crore as against Rs 34.8 crore YoY. PAT Margin (%) stood at 7.3% Standalone Q1FY24: Standalone Q1FY24 revenue stood at Rs 591.6 crore as against Rs 551.2 crore, a growth of 7.3% YoY The standalone business contributed ~86% to the consolidated revenue for Q1FY24 API volumes grew considerably at ~18%, led by secular growth across acute as well as chronic therapies ~68% of the revenues came from the domestic market and 32% from the exports market for Q1FY24 for a standalone business Domestic revenue grew approximately by 13.6% while exports de-grew by around 4.0% YoY for Q1FY24 Within the API business, the antibiotic therapeutic category contributed ~48%, anti-diabetic ~13%, anti-protozoal ~17%, anti-inflammatory ~11%, antifungal ~7% and the rest contributed ~4% to total API sales for Q1FY24 Q1FY24 revenue for formulation stood at Rs 89.9 crore as against Rs 85.0 crore. ~67% of the revenue contribution is from exports during Q1FY24 Commenting on the same, Adhish Patil, CFO & COO, Aarti Drugs said, “The company posted revenue growth of ~6.3% YoY in Q1FY24, which was primarily driven by good volume growth getting partially set off by the downward rate variance. Growth in API business was led by volume growth of 18% driven by domestic market demand uplift. The company expects improved margin levels each quarter from now onwards as the input price is seen to be stabilized, which is also witnessed in our Q1FY24 margin performance, though there might be a few products specific instances where raw materials are still showing a downward trend. Moreover, exports have been a laggard for API this quarter due to USD shortages for some of the export geographies. Formulation segment revenue stood at Rs 90 crore for the quarter, a growth of 6% YoY. The formulation segment contributed ~14% to the consolidated revenue for the quarter. Exports continued to remain a key focus area for the formulation segment. ~67% of the formulation revenue came from exports during the quarter led by new business gains. The specialty Chemical industry, globally, has been in a tepid environment where demand is seen as weaker which also affected our business in some ways. We have set out action plans to mitigate this impact and expect to grasp every possible opportunity to grow in this area. Specialty Chemical business was impacted YoY, due to the absence of a couple of campaign-based products in the Jun’23 quarter. The CAPEX for Q1 FY24 stood at ~Rs 48 crore and is expected to be in the range of Rs 250-350 crore for FY24. With all the Capex plans getting executed this fiscal year i.e. Gujarat Saykha Capex, Tarapur Capex on Dermatology and Specialty chemical, which are high margin accretive segments that will gain better growth to our business. Due to some external factors, the project is now expected to come into commercial operations in Q3FY24. Looking beyond the short-term challenges, we remain positive about the opportunities both in API and non-API business. The growth trajectory is expected to be healthy for all the segments in the upcoming period driven by the execution of existing projects and higher utilization of existing capacities. The pace of growth in exports is expected to continue in the formulation business.” Result PDF
Conference Call with Aarti Drugs Ltd. Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript.
Conference Call with Aarti Drugs Management and Analysts on Q4FY23 Performance and Outlook. Listen to the full earnings transcript.
Pharmaceutical company Aarti Drugs announced Q4FY23 & FY23 results: Q4FY23: Revenue stood at Rs 743.3 crore as against Rs 697.2 crore, a growth of 7% YoY EBITDA stood at Rs 94.4 crore as against Rs 89.0 crore YoY. EBITDA Margin (%) came in at 12.7% PAT stood at Rs 56.2 crore as against Rs 55.3 crore YoY. PAT Margin (%) stood at 7.6% Domestic revenue grew approximately by 13% while exports grew by around 7% YoY for Q4FY23 Q4FY23 revenue for formulation stood at Rs 56.8 crore as against Rs 66.6 crore Approximately 60% of the revenue came from exports during Q4FY23 FY23: Revenue stood at Rs 2,718.2 crore as against Rs 2,500.0 crore, a growth of 9% YoY EBITDA stood at Rs 307.8 crore as against Rs 340.8 crore YoY. EBITDA Margin (%) came in at 11.3% PAT stood at Rs 166.4 crore as against Rs 205.0 crore YoY. PAT Margin (%) stood at 6.1% Result PDF