Alembic Pharmaceuticals Limited, on Friday, posted over three-fold jump in standalone net profit for the quarter ended March 31, 2023, at ₹131 crore, up from ₹42 crore in the same quarter last year, supported by reduction in total expenses.
Standalone revenues from operations stood at ₹1,307 crore ( ₹1,318 crore) for the quarter. The total expenses for the quarter stood at ₹1,225 crore, down by 4.2 per cent from ₹1,280 crore in the corresponding quarter last year. For the full year, however, the profits came under pressure on overall higher costs. Standalone net profit for the year stood at ₹347 crore, down 36 per cent from ₹544 crore in the previous year. Annual revenues for the fiscal stood at ₹5,149 crore, up from ₹5,035 crore in the previous year. Total expenses increased by 9 per cent to ₹4,807 crore ( ₹4,429 crore).
The Board of Directors met on Friday and recommended a dividend of ₹8 (or 400 per cent) per equity share having face value of ₹2 each. Pranav Amin, Managing Director, Alembic Pharmaceuticals Limited, said: “The US business continues to remain challenging, however, the company witnessed topline growth across all other verticals. In particular, the API business outperformed with a 41 per cent growth and Ex-US generics with 33 per cent growth during the quarter. We have started commercialisation of products from our injectable and oncology facilities. India-branded business continues to outperform the market, especially on focussed products / therapeutic segments.”
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On the operational front, company’s Active Pharmaceutical Ingredients (API) business grew 41 per cent at ₹313 crore during the quarter. Barring US, its ex-US and India formulations businesses grew by 33 per cent and 9 per cent, respectively, during the quarter. Among other growth drivers, were specialty segments that grew 13 per cent, including Gynecology, Anti-Diabetic, Ophthalmology & Ortho. Company’s animal health business grew 15 per cent over previous year Q4.
On a consolidated basis, company’s net profits for March quarter stood at ₹153 crore (versus ₹22 crore) on revenues of ₹ 1,406 crore ( ₹1,416 crore). Total expenses fell by nearly ₹100 crore to ₹1,283 crore ( ₹1,385 crore). For the fiscal 2022-23, company’s consolidated net profit stood at ₹342 crore ( ₹521 crore), on revenues of ₹5,653 crore ( ₹5,306 crore). Total consolidated expenses for the year increased to ₹5,270 crore ( ₹4,736 crore).
Alembic Pharmaceuticals shares ended lower by 0.98 per cent at ₹554.40 on the BSE on Friday.