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Q3 net profit of Zydus Life soars 26% YoY, as the board plans a ₹600 Crore buyback

10 Feb 2024 , 10:59 PM

Zydus Lifesciences announced on February 9 that its consolidated net profit for the December quarter of the fiscal year 2023–2024 increased by 26% to ₹789.6 Crore.

In the same period last year, the pharmaceutical company declared a profit of ₹622.9 Crore. The company said in an exchange filing that its revenue from operations was ₹4505.2 Crore, 5.8% more than ₹4257.1 Crore in the previous fiscal year.

The board of the business authorised the tender offer repurchase of 57.9 Lakh shares, valued at ₹600 Crore, at a price of ₹1,005 per share.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the Ahmedabad-based company were recorded at ₹1,102 Crore, an increase from ₹956 during the same time last year. The EBITDA margin increased from 22.5 % to 24.4 % in the previous year.

Dr. Sharvil Patel, Managing Director of Zydus Lifesciences Limited, stated, 'We are optimistic about our growth prospects driven by a differentiated portfolio in the US, continued performance of key brands, well supported by a robust execution engine.'

The company released a press release stating that its India and EM& EU formulations divisions drove a 6 % YoY increase in total revenues. The formulations business in India experienced robust double-digit growth due to the introduction of new products and solid volume growth.

For the quarter, the company reported capex (organic) of ₹213.7 Crore. In the October–December quarter, the firm invested ₹314.6 Crore, or 7% of revenues, in research and development (R&D).

US revenue for the same period last year was $192.5 Million, down from $225 Million (quarter over quarter) and $221 Million. The base business's profitability in the United States increased due to consistent volume growth and the introduction of new products throughout the previous year. During the quarter, the company introduced 11 new goods to the US market.

Revenues from emerging markets totaled ₹49.37 Crore, increasing 31% year over year. Eleven % of total sales came from the business. According to the firm, every significant market in Africa and the Asia Pacific area saw strong double-digit growth throughout the quarter.

Revenues of ₹143.1 Crore were recorded by Active Pharmaceutical Ingredients (API), a 24 % year-over-year decline. Three % of total sales came from the business.

For feedback and suggestions, write to us at editorial@iifl.com

Zydus Lifesciences - Wikipedia

Related Tags

  • Q3
  • result
  • Zydus Life
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