Astec Lifesciences tumbles ~5% as Net Profit declines 12.20% yoy in Q1FY23

26 Jul 2022 , 03:19 PM

Astec Lifesciences Limited announced its results for the quarter ended June 30, 2022. However, the company reported a decline in its net profit.

Following this, the company’s counter plunged 4.90% at Rs1,840.05 per piece, against its previous close of Rs1,934.90 on the National Stock Exchange.

Company reported a total income of Rs187 crore in Q1FY23, up by 44.40% against Rs129.50 crore in the previous corresponding quarter.

It reported an EBITDA of Rs28.20 crore during the period under review as compared to Rs25.50 crore in the same period last year, up by 10.60% yoy.

Company reported a net profit of Rs11.40 crore in Q1FY23, down by 12.20% yoy against Rs13 crore in the previous corresponding quarter.

The strong topline growth in Q1 was primarily driven by higher sales price realizations and CMO volumes. CMO sales accounted for 16% of total revenue in Q1FY23. We had no CMO sales in the first quarter of last year.

Company reported a 33.5% decline in Gross Margin in Q1FY23 from 39.1% in Q1FY22 while the EBITDA margin contracted to 15.3% in Q1FY23 from 19.8% in Q1FY22.