Pharmaceutical company Alkem Laboratories announced Q2FY23 results: Q2FY23: Total revenue from operations was Rs 30,793 million, with YoY growth of 10.0% India sales were Rs 22,161 million, with YoY growth of 13.0% International sales were Rs 8,291 million, with YoY growth of 3.0% Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) was Rs 4,539 million, resulting in EBITDA margins of 14.7% vs 22.3% in Q2FY22. EBITDA declined by 27.3% YoY R&D; expenses for the quarter were Rs 1,305 million, or 4.2% of total revenue from operations compared to Rs 1,407 million in Q2FY22 at 5.0% of total revenue from operations Profit before tax (PBT) was Rs 4,023 million, a decline of 30.8% compared to Q2FY22 Net profit (after Minority Interest) was Rs 3,308 million, a YoY decline of 39.2% H1FY23: Total revenue from operations was Rs 56,558 million, with YoY growth of 2.2% India sales were Rs 39,976 million, with YoY growth of 3.3% International sales were Rs 15,895 million, a YoY decline of 0.4% EBITDA was Rs 6,572 million, resulting in an EBITDA margin of 11.6% vs 22.0% in H1FY23. EBITDA declined by 46.0% YoY R&D; expenses for H1FY23 were Rs 2,625 million, or 4.6% of total revenue from operations compared to Rs 2,590 million in H1FY22 at 4.7% of total revenue from operations Profit before tax (PBT) was Rs 5,542 million, a decline of 51.3% compared to H1FY22 Net profit (after Minority Interest) was Rs 4,585 million, a YoY decline of 54.7% Sandeep Singh, Managing Director, Alkem, said, “After a market-beating performance in Q1, our domestic franchise has significantly outperformed IPM even in Q2. We increased market share across all acute therapies, anti-diabetic and urology during this quarter. While our US business continues to face significant pricing pressure, our other international business is growing at a healthy pace. Various cost optimisation initiatives are underway which should help in building sustainable and profitable business and also drive margin expansion. We are receiving encouraging response for our biosimilar and CDMO franchise." Result PDF
Conference Call with Alkem Laboratories Management and Analysts on Q1FY23 Performance and Outlook. Listen to the full earnings transcript.
Pharmaceuticals firm Alkem Laboratories Announced Q1FY23 Result : Total Revenue from Operations was Rs 25,764 million, YoY decline of 5.7% India sales were Rs 17,815 million, YoY decline of 6.7% International sales were Rs 7,604 million, YoY decline of 3.8% Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) was Rs 2,032 million, resulting in EBITDA margin of 7.9% vs. 21.7% in Q1FY21. EBITDA declined by 65.7% YoY R&D; expenses for the quarter was Rs 1,320 million, or 5.1% of total revenue from operations compared to Rs 1,183 million in Q1FY22 at 4.3% of total revenue from operations Profit before tax (PBT) was Rs 1,519 million, a decline of 72.7% compared to Q1FY22 Net Profit (after Minority Interest) was Rs 1,276 million, YoY decline of 72.7% Commenting on the results, Sandeep Singh, Managing Director, Alkem said, “We are starting the new fiscal year on a positive note, with yet another market beating performance in domestic market adjusting for huge base of last year [CAGR of 13.4%, Q1FY20-Q1FY23]. However, headwinds from price erosion in US market and inflationary environment has impacted margins for the quarter. As we move ahead, we remain focused on our journey of expanding margins through productivity improvement and various cost optimization initiatives across the organization. Our biosimilar franchise is shaping up well and we are looking forward to some exciting launches going ahead.” Result PDF