Shilpa Medicare Ltd's Q2FY19 consolidated net profit declines 51.94% yoy to Rs16.20cr : Misses Estimates

The company’s consolidated revenue stood at Rs162.28cr, down 20.45% yoy and 18.11% qoq.

Nov 14, 2018 08:11 IST India Infoline Research Team

Shilpa Medicare Ltd Q2FY19

Consolidated Results Q2FY19: (Rs. in cr)

Q2FY19 YoY (%)
Revenue 162.28 [20.4]
EBITDA 37.53 [33.7]
EBITDA Margin (%) 23.1 [464]
Net Profit (adjusted) 16.20 [51.9]
***EBITDA margin change is bps

Shilpa Medicare’s revenue in Q2FY19 declined 20.4% yoy to Rs162.3cr. EBITDA declined by 33.7% yoy to Rs37.5cr in Q2FY19 vs. Rs56.6cr in Q2FY18. EBITDA margins stood at 23.1% in Q2FY19 vs. 27.8% in Q2FY18 and 27.6% in Q1FY19. Reported PAT grew by 23.8% yoy to Rs42.3cr in Q2FY19 vs. Rs34.1cr in Q2FY18. During Q2FY19, company has reported exceptional gains of Rs26.07cr on account of divestment of its 24% investment in Raichem Medicare. Adjusting for this, Shilpa Medicare’s PAT has declined by 51.9% yoy to Rs16.2cr.

Other highlights
  • Gross margins stood at 72.2% in Q2FY19 vs. 58.6% in Q2FY18.  This was due to the 46.5% yoy decline in the COGS.
  • During the quarter company has allotted 14 lakh shares to Navya Biological.

Technical View:

Shilpa Medicare Ltd is currently trading at Rs. 381.70, down by 8.55 points or 2.19% from its previous closing of Rs. 390.25 on the BSE.
The scrip opened at Rs. 394.95 and has touched a high and low of Rs. 395 and Rs. 376.95 respectively. So far 96,726 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

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