Ipca Laboratories Ltd's standalone net profit in Q1FY19 at Rs65.52cr vs. net loss in Q1FY18 at Rs20.25cr: Misses Estimates

The company’s standalone revenue stood at Rs853.93cr, up 19.7% yoy and 9.26% qoq.

Aug 09, 2018 08:08 IST India Infoline Research Team

Ipca Laboratories Ltd Q1FY19

Standalone Results Q1FY19: (in Rs. cr)

Q1FY19 YoY (%)
Revenue 853.93 19.7
EBITDA 114.01 418.7
EBITDA Margin (%) 13.4 1,027
Net Profit (adjusted) 65.52 -
***EBITDA margin change is bps

IPCA’s revenue in Q1FY19 rose 19.7% yoy to Rs854cr. EBITDA grew 418.7% yoy to Rs114cr in Q1FY19 vs. Rs108.7cr in Q4FY18 and Rs22cr in Q1FY18. EBITDA margins stood at 13.4% in Q1FY19 vs. 13.9% in Q4FY18 and 3.1% in Q1FY18. IPCA reported a net profit of Rs65.5cr in Q1FY19 vs. Rs51.3cr in Q4FY18 and a loss of Rs20.3cr in Q1FY18.
  • Domestic formulations business revenue grew 35.9% yoy to Rs400.9cr in Q1FY19.
  • Export formulations revenue, however, declined 5% yoy to Rs224cr in Q1FY19. Within export formulations, the branded generics business was flat, the institutional business grew 19% yoy, while the generics business declined 15% yoy.
  • Total formulations revenue grew 9% yoy to Rs624.9cr in Q1FY19.
  • Domestic API business rose 65.8% yoy to Rs60cr, while export API revenue grew 16.6% yoy to Rs157.7cr in Q1FY19. 
  • Total API revenue grew 27% yoy to Rs217.8cr in Q1FY19.
  • Gross margins improved by 23bps qoq and 499bps yoy to 67.5% in Q1FY19.
  • Employee costs and other expenses grew 11.9% and 7.1% yoy, respectively, in Q1FY19.

Technical View:

Ipca Laboratories Ltd is currently trading at Rs. 761, down by 33.7 points or 4.24% from its previous closing of Rs. 794.70 on the BSE.
The scrip opened at Rs. 800.50 and has touched a high and low of Rs. 822.80 and Rs. 760, respectively. So far, 12,96,472 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.

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