Alembic Pharmaceuticals Revenues Grow By 17.7%, PAT At 121 Cr In Q1 Results

Alembic Pharmaceuticals Limited reported its consolidated financial results for the first quarter ended 30th June 2024 on Friday. The company has recorded a 17.7 per cent year-on-year (YoY) rise in its revenue from operations in the first quarter of Financial Year 2024 (Q1FY24) to be recorded at Rs 1,486 crore against Rs 1,262 crores reported in the corresponding quarter of the previous year.

Alembic's Profit After Tax (PAT) was recorded at Rs 121 crores in Q1FY24 against a net loss of Rs 86 crores in the same quarter last year whereas the profits dipped by 21 per cent quarter on quarter (QoQ) compared with Rs 153 crores recorded in the March quarter. 

The company's expenses rose by 3.4 per cent YoY to Rs 1,368 crores against Rs 1,323 crores reported in the corresponding quarter last year. 

The company said in its investor relations report that its India Branded Business recorded a 9 per cent growth with the topline of Rs 524 crores for Q1 FY24 while the speciality segment grew by 12 per cent compared to industry growth of 7 per cent. 

Whereas the company's US business roped in Rs 390 crores growing by 6 per cent YoY, while the Ex-US business garnered Rs 266 crores with 46 per cent YoY growth. The company's API business also grew by 31 per cent YoY to Rs 305 crores in Q1FY24

The company's Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin was recorded at 14 per cent in Q1FY24 against the FY23 average of 13 per cent, thereby seeing a 1 per cent improvement. 

Alembic's debt-to-equity ratio was recorded at 0.11 per cent in Q1FY23 compared witn 0.08 per cent in the same quarter last year. 

The company's R&D expenses fell by 55 per cent in Q1FY24 to Rs 119 crores against Rs 261 crores in the same quarter of the previous year, the company in a statement clarified that the R&D reduction was impacted by a one-off R&D expense in Q1FY23 reflected by non-recurring expenses of Aleor’s accelerated amortization of intangible assets worth Rs 115 crores. 

Pranav Amin, Managing Director, Alembic Pharmaceuticals, said “The company grew in all the business segments with India outperforming the market with 9 per cent growth, Ex US generics grew 46 per cent, API grew 31 per cent and the US generics business grew 6 per cent. We have also started commercializing products from our Oncology and Injectable Facilities.”

The company's stock was trading 0.95 per cent lower at Rs 780.10 per scrip on Friday as of 15:40 on BSE.