Conference Call with Alkem Laboratories Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.
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% 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% 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." Result PDF
Conference Call with Alkem Laboratories Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript.
Pharmaceuticals company Alkem Laboratories announced Q1FY24 results: Total revenue from operations was Rs 29,677 million, YoY growth of 15.2% India sales were Rs 19,007 million, YoY growth of 6.7% International sales were Rs 10,146 million, YoY growth of 33.4% Earnings before interest, tax, depreciation, and amortization (EBITDA) was Rs 3,892 million, resulting in an EBITDA margin of 13.1% vs. 7.9% in Q1FY23. EBITDA increased by 91.5% YoY. R&D; expenses for Q1FY24 were Rs 1,202 million, or 4.1% of total revenue from operations compared to Rs 1,320 million in Q1FY23 at 5.1% of total revenue from operations. Profit before tax (PBT) was Rs 3,529 million, a growth of 132.3% compared to Q1FY23. Net profit (after Minority Interest) was Rs 2,867 million, YoY growth of 124.6%. Commenting on the results, Sandeep Singh, Managing Director, Alkem said, "We are starting the year on a healthy note, showcasing better operational performance driven by improved margins resulting from softening of select raw material prices, favourable currency impact, easing of freight cost and implementation of some of our cost optimization efforts. Our acute business growth was impacted by the delayed onset of monsoon in certain parts of the country, yet we maintain an optimistic outlook for improved growth in Q2. International business achieved robust sales during the quarter, driven by substantial growth in our US operations and complemented by strong performance in non-US markets. Our biosimilar franchise, Enzene is steadily expanding its product portfolio in India, with two successful launches this quarter, bringing the total count of products to six—an impressive achievement for the company. Our cost optimization initiatives have started yielding tangible results and we remain committed to further unlocking operational efficiencies going forward.” Result PDF