on Wednesday reported Rs 518.3 crore net profit in Q1FY23, a year-on-year (YoY) drop of 11.7%.
The company had the benefit of higher base due to sales of Covid drugs like remdesivir during corresponding quarter of the previous year where it had reported net profit of Rs 587.2 crore.
On a quarter-on-quarter (QoQ) basis the net profit rose 30.4%.
Revenue from operations rose 2% YoY to Rs 4073 crore in Q1FY23 compared to Rs 4002 crore in Q1FY22. On QoQ revenue rose 5.4%.
The company had the benefit of higher base due to sales of Covid drugs like remdesivir during corresponding quarter of the previous year where it had reported net profit of Rs 587.2 crore.
On a quarter-on-quarter (QoQ) basis the net profit rose 30.4%.
Revenue from operations rose 2% YoY to Rs 4073 crore in Q1FY23 compared to Rs 4002 crore in Q1FY22. On QoQ revenue rose 5.4%.
The earnings before interest, tax, depreciation and ammortisation (EBITDA) was Rs 833 crore, a decline of 14.3% YoY. On QoQ, EBITDA rose 16.1%.
The EBITDA margins for the quarter dropped 190 basis points to 20.5% in Q1FY23 compared to 24.3% in Q1FY22. On QoQ
India sales saw a drop of 6.5% YoY to Rs 1817 crore in Q1FY23. The formulation business dropped 17.1% to Rs 1125 crore, while consumer wellness sales rose 18% to Rs 692 crore.
US formulation business rose 9.2% YoY to Rs 1559 crore. Emerging markets formulation business rose 14% YoY to Rs 315.5 crore.
The capital expansion for the quarter was Rs. 283 crore.
“We are encouraged by our stable Q1 FY23 performance, particularly with the rebound in US business even as consumer wellness and emerging markets sustained growth momentum,” said Sharvil Patel
MD of Zydus.
“India branded formulations business, adjusting for COVID impact delivered healthy growth and we expect to improve further. Focus on cost optimization helped us sustain 20% plus EBITDA margins amid input cost pressures,” Patel said.
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