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Pharmaceuticals company Windlas Biotech announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Revenue from operations stood at Rs 171.3 crore as against Rs 140.7 crore, a growth of 21.7% YoY.
- EBITDA stood at Rs 22.0 crore as against Rs 16.4 crore YoY, a growth of 33.9% YoY. EBITDA Margin (%) came in at 12.8%.
- PAT stood at Rs 17.0 crore as against Rs 11.4 crore YoY, a growth of 48.4% YoY. PAT Margin (%) came in at 9.9%.
FY24 Financial Highlights:
- Revenue from operations stood at Rs 631.0 crore as against Rs 513.1 crore, a growth of 23.0% YoY.
- EBITDA stood at Rs 78.2 crore as against Rs 60.2 crore YoY, a growth of 29.8% YoY. EBITDA Margin (%) came in at 12.4%.
- PAT stood at Rs 58.2 crore as against Rs 42.6 crore YoY, a growth of 36.5% YoY. PAT Margin (%) came in at 9.2%.
Commenting on the results, Hitesh Windlass, Managing Director – Windlas Biotech said, “During the fiscal year 2024, the IPM witnessed a YoY growth of 7.6% with volume constituting 0.7%. We are very happy to share that your company has achieved record growth of 23% in FY24.
The strategic decisions made in the preceding years, such as expanding our customer base and launching innovative products, are yielding favorable outcomes in Generic Formulations CDMO vertical. In Trade Generics and Institutional vertical also, your company continues to focus on providing Accessible, Affordable, and Authentic medication to the underserved semi-urban and rural markets in India. Government policies that extend medical coverage to vast number of economically backward Indians through schemes like Ayushman Bharat and Jan Aushadhi are further accelerating Institutional purchases.
In March 2024 we commenced manufacturing at our state-of-the-art injectable facility, which is built to meet international cGMP standards. This facility deepens our focus on complex dosage forms and chronic/sub-chronic therapies and shall cater to all three of our business verticals.
The company achieved its highest-ever earnings per share (EPS) in both FY24 (Rs 27.97, YoY growth 42%) and in Q4FY24 (Rs 8.17, YoY growth 52%) following its listing. Furthermore, we have effectively improved our liquidity position, distributed dividends to our esteemed shareholders and generated substantial net operating cash flows.
Our robust financial performance in FY24 and Q4FY24 is a testament to our dedicated team, strong partnerships, and customer-centric approach. We are confident in our ability to continue this growth trajectory and create long-term value for all stakeholders.”
Adding further, Komal Gupta, CEO & CFO - Windlas Biotech said, “Windlas Biotech remains focused on expanding our capabilities, pursuing expansion in newer geographies, driving innovation and delivering high-quality pharmaceutical products to meet the evolving needs of our customers and patients. Our strategic initiatives and operational efficiencies position us well for sustained growth and value creation.
We are delighted to announce strong FY24 financial results on the back of performance momentum seen consecutively across last five quarters. Q4FY24 recorded Rs 171 crore revenue and Rs 22 crore EBITDA being thus the fifth consecutive quarter of highest ever revenue and EBITDA. The company generated strong net operating cash flows of Rs 109 crore during FY24 and had a healthy liquidity position of Rs 206 crore as on 31st March 2024. The EPS stood at Rs 27.97 and 8.17 per share in FY24 and Q4FY24 depicting a YoY growth of 42% and 52%, respectively. In line with our dividend policy, the company proposed the dividend of Rs 11.4 crore (Rs 5.5 per share) related to FY24.
The growth in Generic Formulation CDMO business vertical is driven by our sustained efforts to attract new customers, increase wallet share with current customers and launch of new products. This vertical achieved a revenue of Rs 481.3 crore in FY24 with a YoY growth rate of 19%; and Rs 127.8 crore in Q4FY24 recording a YoY growth rate of 14%.
Trade Generics and Institutional vertical continues to be robust, propelled by wider product portfolio as well as expansion in distribution network across our target market. Government is targeting to increase the Jan Aushadhi store count by 2.5 times to 25,000 by the end of FY26. This will provide added impetus to our Trade Generics and Institutional business. This vertical achieved a revenue of Rs 122.4 crore in FY24 with a YoY growth rate of 35%; and Rs 34.7 crore in Q4FY24 recording a YoY growth rate of 58%.
Our Exports vertical demonstrated revenue of Rs 27.4 crore in FY24 with a YoY growth rate of 38%; and Rs 8.9 crore in Q4FY24 recording a YoY growth rate of 27%.
In the context of the overall financial performance of the company, the revenue generated during FY24 amounted to Rs 631 crore, growth of 23% YoY and for Q4FY24 we recorded Rs 171 crore, a YoY gain of 22%. The EBITDA for FY24 stood at Rs 78 crore, an uptick of 30% YoY and for Q4FY24 Rs 22 crore, witnessing a growth of 34% YoY. The company's PAT for FY24 amounted to Rs 58 crore, reflecting a YoY increase of 37% and for Q4FY24 stood at Rs 17 crore, a YoY rise of 48%.”
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