Alembic Pharmaceuticals Reports 8% Growth In Q2 FY24

Alembic Pharmaceuticals released its consolidated financial results for the second quarter and half-year ending on September 30, 2023, the company informed in a press statement on Tuesday.

In the second quarter, Alembic reported a notable 8 per cent increase in net sales, amounting to Rs. 1,595 crores, the company informed. The company's net profit for the quarter reached Rs. 137 crores. Impressively, over the first half of the fiscal year 2023-24, Alembic experienced significant revenue growth, with net sales reaching Rs. 3,081 crores, reflecting a substantial 13 per cent increase. The net profit for the first half was recorded at Rs. 257 crores, the company added.

In the India Branded Business segment, Alembic saw revenues of Rs 577 crores in Q2 FY24, reflecting a 5 per cent growth compared to the Indian Pharmaceutical Market growth of 7 per cent. The Animal Health business reported substantial growth of 32 per cent over the previous year's Q2, the statement from the company read.

Alembic's International Business showed positive results, with US Generics reaching Rs. 444 crores, marking a 6 per cent YoY growth and a 14 per cent QoQ growth.  

The company's statement further stated that  Alembic received 6 ANDA approvals during the quarter, bringing the cumulative ANDA approvals to 190, with 2 ANDA filings.

In the API Business, Alembic reported a 10 per cent growth, with revenues of Rs. 322 crores in the quarter. Furthermore, the company accumulated 132 DMF filings, the company informed.