Comments
Ahmedabad, Nov 11 Zydus Lifesciences posted a standalone net profit of Rs 451 crore for the second quarter ended September 30, 2022, as against a net profit of Rs 14 crore in the same quarter last year.
The company’s standalone revenues from operations increased to Rs 2,399 crore for the quarter under review, as against Rs 2,009 crore in the corresponding quarter last year.
During the comparable period ended September 30, 2021, it made provisions for impairment of Rs 319 crore on investment in the equity shares of Zydus Noveltech Inc, USA, a wholly-owned subsidiary.
On a consolidated basis, net profit dropped 82 per cent to Rs 522 crore, as against Rs 3,002 crore in the corresponding quarter last year. The drop was attributed to adjusted inventory provisions, exceptional items and profit/ (loss) from discontinued operations. Adjusting that, net profit for the quarter was down 9 per cent y-o-y.
Consolidated reported revenue from operations was Rs 4,135 crore, up 10 per cent over last year. Adjusting for Covid-related revenues on last year’s base, growth was 15 per cent year-on-year, it added.
Consolidated EBITDA for the quarter was Rs 815 crore, down 9 per cent year-on-year, whereas the consolidated EBITDA margin for the quarter stood at 19.7 per cent. Adjusted for Covid-related inventory provision, the EBITDA margin stood at 22.6 per cent of revenues, it said.
“While new launches, including gRevlimid, aided US growth, India Formulations continued to deliver double-digit growth, excluding Covid related revenues. We expect to improve profitability going ahead, and remain on track to deliver 20 per cent-plus EBITDA margins for the current fiscal. We are delighted with the resolution of regulatory issues at Moraiya and remain committed to enhance quality and compliance standards across our manufacturing network,” said Sharvil Patel, Managing Director, Zydus Lifesciences Ltd.
During the quarter, its India revenues grew by 6 per cent, including 4 per cent growth in the formulations business, and 12 per cent growth in consumer wellness products.
The US formulations business recorded 16 per cent growth at Rs 1,708 crore for the quarter, up from Rs 1,473 crore in the corresponding quarter last year.
However, the company recorded a drop in revenues from emerging markets formulations, European formulations and API segments by 5 per cent, 11 per cent and 17 per cent, respectively.
Zydus Lifesciences shares ended in the red at Rs 428.95, down by 1 per cent on the BSE on Friday.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.