Zydus Lifesciences' net profit in June quarter down y-o-y by 11.7%

11 Aug 2022 , 09:17 AM

Zydus Lifesciences reported a year-over-year (YoY) decline of 11.7% and a net profit of Rs518.3 crore for Q1FY23 on Wednesday.

Due to sales of Covid medications like remdesivir during the equivalent quarter of the prior year, when it had posted a net profit of Rs587.2 crore, the company benefited from a greater base. On a quarterly basis (QoQ), the net profit increased by 30.4%. In Q1FY23 compared to Q1FY22, operating revenue increased by 2% YoY to Rs4073 crore. Revenue increased on a quarter-over-quarter basis by 5.4%.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 14.3% year over year to Rs833 crore. EBITDA increased 16.1% on a quarterly basis.

In comparison to Q1FY22, the EBITDA margins for the quarter decreased by 190 basis points to 20.5% in Q1FY23.

In Q1FY23, sales in India decreased 6.5% year over year to Rs1817 crore. Sales of consumer wellness products increased 18% to Rs692 crore, while the formulation business decreased 17.1% to Rs1125 crore.

US formulation sales increased 9.2% year over year to Rs1559 crore. The business of formulating for emerging markets increased 14% YoY to Rs315.5 crore.

For the quarter, there was a capital expansion of Rs283 crore.