Alembic Pharma skids after dismal Q1 earnings

5 Aug 2022 , 09:51 AM

Net sales fell 4.8% year on year to Rs 1,262.14 crore in the quarter ended 30 June 2022. The pharma company reported a pre-tax loss of Rs 60.16 crore in Q1 FY23 as compared to a profit before tax of Rs 182.55 recorded in Q1 FY22. Total expenses rose 15.3% to Rs 1,323.38 crore and R&D expenses jumped 56% to Rs 261 crore in Q1 FY23 over Q1 FY22. India Branded Business for the quarter declined marginally to Rs 480 crore as against Rs 481 crore recorded in the corresponding quarter last year. Ex of Covid related products, growth of India Branded Business is 20%. Overseas, US Generics revenue slipped to Rs 367 crore from Rs 369 crore in the same quarter previous year. Ex-US International Formulations de-grew 7.6% YoY to Rs 182 crore in the quarter. The company obtained 8 Abbreviated New Drug Applications (ANDAs) approvals during the quarter with a cumulative ANDA approval of 167 and 7 ANDA filings during the quarter with cumulative ANDA filings at 237. Active Pharmaceutical Ingredients (API) business skid 16.5% YoY to Rs 233 crore with 1 Drug Master Files (DMF) during in the quarter. Consolidated EBITDA (post R&D) slumped 97% to Rs 9 crore in Q1 FY23 as against Rs 254 crore in Q1 FY22. EBITDA margin (post R&D) was at 1% during the quarter as compared to 19% during Q1 FY22. Shaunak Amin, managing director of Alembic Pharmaceuticals said, India Branded Business continues to deliver robust numbers in Q1. India Business will witness market outperforming growth across most of the products and therapy areas in current year. Pranav Amin, managing director of Alembic Pharmaceuticals said, It was tough quarter with significant price erosion in the US market, we also charged off a non-recurring expense of Rs. 115 Cr. Alembic Pharmaceuticals is a vertically integrated research and development pharmaceutical company. It manufactures and markets generic pharmaceutical products all over the world. Powered by Capital Market – Live News