Drug maker on Friday reported Rs 133 crores net profit in Q2FY23, which is a 19% year-on-year (YoY) drop compared to the corresponding period of the previous year.
The company reported Rs 164 crore in net profit in Q2FY22. Revenues dropped 12% YoY to Rs 1475 crore in Q2FY23 compared to Rs 1313 crore last year.
The earnings before interest, tax, depreciation and amortization (EBITA) declined 13% YoY to Rs 231 crore. The EBITDA margins stood at 16% in Q2FY23.
The domestic formulation business which constitutes about 37% of revenues rose 8% YoY to Rs 549 crore in Q2FY23. The domestic formulation business. The acute segment that consists of the top-selling antibiotic brand Azithral grew 11% compared to industry growth of 6%. The speciality segment also grew above the market growth rate.
The US business which constitutes 28% declined 20% YoY to Rs 418 crore led by launches and scale-up of new products. The active pharmaceutical ingredient (API) business constitutes about one-fifth of revenues and rose 24% YoY largely led by high off-take and better product mix in Q2.
Shaunak Amin, managing director of Alembic Pharma told ET that the recovery in US business was due to new launches and market share gains in several products on account of the reorientation of strategy as per the US generic market dynamics.
“It’s a matter of getting more orders, and being more competitive in terms of pricing, obviously last year the base was also quite low, sequentially also we have seen some amount of revised traction,” Amin said.
Amin added that the company will be able to maintain a similar revenue rate in the US for the next several quarters.
On India, Amin said it’s all about execution and expanding reach and penetration.
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