Zydus Lifesciences net profit plunge by 82.6% | The Financial Express

Zydus Lifesciences net profit plunge by 82.6%

The company’s Research & Development (R&D) investments for the quarter stood at Rs 253 crore which is 6.1% of revenues.

Zydus Lifesciences net profit plunge by 82.6%
As per the company’s release, Zydus Lifesciences received 15 new product approvals and launched 10 new products during the quarter which aided growth momentum.

Zydus Lifesciences Ltd’s (ZLL) consolidated net profit for the quarter ended September 2022 plunged by 82.6% to Rs 523 crore as against Rs 3,002 crore year-on-year, mainly because of a large exceptional gain in the corresponding quarter previous year.

Consolidated operating revenue of the Ahmedabad based Zydus Group’s flagship company rose by 10% to Rs 4135 crore rupees during the quarter as against Rs 3760 crore during the corresponding period of the last fiscal. The company’s Research & Development (R&D) investments for the quarter stood at Rs 253 crore which is 6.1% of revenues.

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ZLL’s EBITDA for the quarter was Rs 815 crore, down 9% y-o-y basis. Reported EBITDA margin for the quarter stood at 19.7%. “Our Q2 FY23 performance reflects strong execution in our key businesses, sustaining growth momentum and profitability. While new launches including gRevlimid aided US growth, India Formulations continued to deliver double-digit growth, excluding COVID related revenues,” said Sharvil Patel, managing director Zydus Lifesciences adding that the company expects to improve its profitability steadily going ahead, and remain on track to deliver 20% plus EBITDA margins for the current fiscal.

Of the company’s total revenue, pharmaceuticals accounted for Rs 3710 crore while Rs 425 crore came from consumer products during the period. As per the company’s release, Zydus Lifesciences received 15 new product approvals and launched 10 new products during the quarter which aided growth momentum. “Zydus Lifesciences’ India formulations business continued to progress well (up by 11%) with market share gain in key therapies. The US formulations business continued to deliver sequential improvement in revenues, aided by new launches. The company’s capex (organic) for the quarter remained at Rs 216 crore,”’ said the company.

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First published on: 12-11-2022 at 00:30 IST