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Pharmaceuticals company Alkem Laboratories announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Total Revenue from Operations were Rs 29,358 million, YoY growth of 1.1%.
- India sales were Rs 19,724 million, YoY de-growth of 1.9%.
- International sales were Rs 9,096 million, YoY growth of 6.1%.
- Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) was Rs 4,020 million, resulting in EBITDA margin of 13.7% vs. 12.2% in Q4FY23. EBITDA increased by 13.8% YoY.
- R&D expenses for the quarter was Rs 1,757 million, or 6.0% of total revenue from operations compared to Rs 1,472 million in Q4FY23 at 5.1% of total revenue from operations
- Profit before tax (PBT) before exceptional item was Rs 3,799 million, a growth of 20.7% compared to Rs 3,146 million in Q4FY23.
- Net Profit (after Minority Interest) was Rs 2,936 million, YoY growth of 313.6%.
- PAT for Q4FY23 was impacted on account of derecognition of deferred tax of Rs 1,197 million.
- Adjusted for the above item, PAT growth for Q4FY24 would have been 54%.
- As per IQVIA data, for Q4FY24, the company registered a growth of 1.4% YoY vs. the Indian Pharmaceutical Market (IPM) which grew by 5.7%
FY24 Financial Highlights:
- Total Revenue from Operations was Rs 1,26,676 million, YoY growth of 9.2%.
- India sales were Rs 84,337 million, YoY growth of 5.4%.
- International sales were Rs 40,024 million, YoY growth of 16.4%.
- Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) was Rs 22,455 million, resulting in EBITDA margin of 17.7% vs. 13.9% in FY23. EBITDA increased by 39.5% YoY.
- R&D expenses for FY24 was Rs 5,229 million, or 4.1% of total revenue from operations compared to Rs 5,394 million in FY23 at 4.7% of total revenue from operations
- Profit before tax (PBT) before exceptional item was Rs 21,446 million, a growth of 52.3% compared to Rs 14,078 million in FY23.
- Net Profit (after Minority Interest) was Rs 17,958 million, YoY growth of 82.5%.
- PAT for FY23 was impacted on account of derecognition of deferred tax of Rs 1,197 million. Adjusted for the above item, PAT growth for FY24 would have been 62.7%.
- As per IQVIA data, for FY24, the company registered a growth of 6.2% YoY, vs. the Indian Pharmaceutical Market (IPM) which grew by 7.6%
- We are pleased to share that the international business has crossed revenue of Rs 40 billion in FY24.
Commenting on the FY24 results, Vikas Gupta, CEO, Alkem said "Our focus has been to improve EBIDTA margin during the year, on the back of benefits through various cost -control initiatives being implemented along with favourable API prices. Continuing our trend of improved performance, Q4FY24 builds on the momentum gained from previous quarters with significant gross margin enhancements backed by lower raw material cost and lower intensity of price erosion in US. Lower Opex across our manufacturing facilities and R&D also aided EBDITA margin. Our Biosimilars and international business has delivered strong growth across geographies. Our anti-diabetic portfolio continues to outperform the market. We are committed to carrying forward the momentum of better operational performance, building on our recent success."
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