Consolidated Financial Highlights | |||||
(In INR Crores) | |||||
Particulars | Q2 FY24 | Q2 FY23 | YoY Growth | Q1 FY24 | QoQ Growth |
Revenue from Operation | 1,911 | 1,720 | 11 % | 1,749 | 9 % |
CDMO | 1,068 | 940 | 14 % | 898 | 19 % |
Complex Hospital Generic (CHG) | 589 | 562 | 5 % | 617 | -5 % |
| 256 | 227 | 13 % | 239 | 7 % |
EBITDA | 315 | 219 | 44 % | 171 | 85 % |
EBITDA Margin | 16 % | 13 % | 10 % | ||
PAT | 5 | -37 | -99 | ||
PAT Margin | 0 % | -2 % | -6 % |
Key Highlights for Q2 and H1 FY2024
- Revenue from Operation grew by 11% YoY and 14% YoY in Q2FY24 and H1FY24 respectively, driven by broad base performance across all the three businesses
- EBITDA grew by 44% YoY and 58% YoY in Q2FY24 and H1FY24 respectively, driven by healthy revenue growth and cost optimization measures
- Company successfully completed the Rights Issue of
Rs.1 ,050Cr with subscription of 128%. Net - Debt as on 30th
September 2023 isRs.3 ,823Cr – reduction of Rs.958Cr since 31stMarch 2023 - Released our FY2023 Sustainability Report outlining our progress in the areas of Environment, Social and Governance (ESG). The Company has taken a target to reduce Scope 1 and Scope 2 emissions by 42% by FY2030 (with baseline of FY2022)
During the quarter, we also successfully completed our Rights Issue and utilized the proceed to reduce our debt. On the ESG front, we released our FY23 Sustainability Report and have also taken a target to reduce our GHG emissions by 42% by FY30 compared to FY22.
We hope to continue our momentum in H2FY24 and end the financial year with a robust performance."
Key Business Highlights for Q2FY24 |
- Continued order inflow momentum in Q2FY24 – over 40% higher orders (development and new commercial orders) received in H1FY24 compared to H1FY23. - Good revenue growth visibility for FY24 driven by better execution and healthy demand for our differentiated offering. Recent order inflows have had higher quotient of innovation related work with good proportion of commercial manufacturing orders for on-patent molecules - Revenue contribution from differentiated offerings has grown at 19% CAGR from FY21 to FY23 and contributed to about 37% of CDMO revenues in FY23 - YoY improvement in demand for our generic API business - Improvement in profitability of our CDMO business driven by revenue growth, favorable revenue mix, normalization of raw material cost and cost optimization initiatives - First revenue milestone earned from the expanded Grangemouth facility in Q2FY24. This expansion strengthens our presence in antibody drug conjugate market - Maintained our quality track record – Five facilities (Digwal, Pithampur, Complex Hospital Generics (CHG): - Witnessing steady growth on our CHG business primarily on account of healthy volume led growth in Inhalation Anesthesia (IA) products - Expanding our capacities to meeting growing demand of IA products. Also focus on improving output through greater operating efficiencies - Maintained our leading positions in Sevoflurane (44% market share) and Baclofen pre-filled syringe and vial (76% market share) in the US market (Source - IQVIA Data MAT Q2 2023) - Building a pipeline of 28 new products which are various stages of development - Concluded - 7 new products and 2 new SKUs launched during Q2FY24. Over 100 new products launched between FY21 to FY23 - Continued to invest in media and trade spends to drive growth in power brands. Promotional spends during H1 FY2024 was at 14% of ICH revenue - Power Brands – Littles, Lacto Calamine, Polycrol, Tetmosol and I-range, grew by 15% YoY in H1FY24 and contributed to 42% of ICH sales - E-commerce grew at about 34% YoY in Q2FY24 and contributed 16% to ICH revenue. We now have presence across more than 20 e-commerce platforms including our own direct-tocustomer website -Wellify.in |
Consolidated Profit and Loss Statement | ||||||||
(In INR Crores) | ||||||||
Reported Financials | ||||||||
Particulars | Quarterly | Half Yearly | ||||||
Q2FY24 | Q2FY23 | YoY Change | Q1FY24 | QoQ Change | H1FY24 | H1FY23 | YoY Change | |
Revenue from Operations | 1,911 | 1,720 | 11 % | 1,749 | 9 % | 3,660 | 3,202 | 14 % |
Other Income | 49 | 46 | 6 % | 38 | 28 % | 88 | 118 | -26 % |
Total Income | 1,961 | 1,766 | 11 % | 1,787 | 10 % | 3,748 | 3,320 | 13 % |
Material Cost | 638 | 664 | -4 % | 627 | 2 % | 1,264 | 1,238 | 2 % |
Employee Expenses | 516 | 470 | 10 % | 496 | 4 % | 1,012 | 931 | 9 % |
Other Expenses | 492 | 413 | 19 % | 494 | 0 % | 986 | 844 | 17 % |
EBITDA | 315 | 219 | 44 % | 171 | 85 % | 485 | 308# | 58 % |
Interest Expenses | 110 | 83 | 32 % | 119 | -7 % | 228 | 145 | 57 % |
Depreciation | 185 | 166 | 11 % | 174 | 6 % | 358 | 328 | 9 % |
Share of net profit of associates | 19 | 11 | 72 % | 14 | 33 % | 33 | 31 | 8 % |
Profit Before Tax | 40 | -19 | NA | -107 | NA | -68 | -134 | NA |
Tax | 35 | 11 | 212 % | -9 | NA | 26 | 5 | 421 % |
Net Profit after Tax | 5 | -30 | NA | -99 | NA | -94 | -139 | NA |
Exceptional item | 0 | 7 | NA | 0 | NA | 0 | 7 | NA |
Net Profit after Tax after exceptional item | 5 | -37 | NA | -99 | NA | -94 | -146 | NA |
# H1 FY23 EBITDA had one-time inventory margin impact of
Consolidated Balance Sheet | |||
(In INR Crores) | |||
Key Balance Sheet Items | As at | ||
Total Equity | 7,758 | 6,773 | |
Net Debt | 3,823 | 4,781 | |
Total | 11,581 | 11,555 | |
Net Fixed Assets | 9,038 | 8,887 | |
Tangible Assets | 4,691 | 4,441 | |
Intangible Assets including goodwill | 4,347 | 4,446 | |
Net Working Capital | 2,148 | 2,307 | |
Other Assets# | 395 | 361 | |
Total Assets | 11,581 | 11,555 |
# Other Assets include Investments and Deferred Tax Assets (Net)
Q2 and H1 FY2024 Earnings Conference Call
The dial-in details for the call are as under:
Event | Location & Time | Telephone Number |
Conference call on 30th October, 2023 | +91 22 6280 1461 / +91 22 7115 8320 (Primary Number) | |
1 800 120 1221 (Toll free number) | ||
(Eastern Time – | Toll free number 18667462133 | |
Toll free number 08081011573 | ||
Toll free number 8001012045 | ||
Toll free number 800964448 | ||
Express Join with Diamond Pass™ | Please use this link for prior registration to reduce wait time at the time of joining the call – https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=7 279153&linkSecurityString=28e77c0997 |
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