Ahmedabad-based Cadila Healthcare has posted a 68 per cent year-on-year (YoY) jump in net profit for the third quarter of the current fiscal on the back of a 78 per cent jump in its US business riding on Tamiflu and generic Lialda volumes.
The company reported a 38 per cent YoY increase in total income from operations to Rs 32.6 billion while the net profit had soared 68 per cent to Rs 5.43 billion in Q3FY18. The Earnings before Interest, Depreciation and Tax (EBIDTA) of Rs 8.41 billion was up by 108 per cent on a YoY basis the Ebitda margin came in at 25.8 per cent for the quarter. The profit before tax was up by 120 per cent to Rs 7.2 billion.
The US business posted revenues of Rs 15.84 bn during the quarter, up 77.9 per cent. In the corresponding quarter last fiscal it had degrown by 17 per cent to Rs 8.9 billion.
The company launched two products and secured 24 product approvals (from the US drug regulator) during the quarter and filed 10 new abbreviated new drug applications (ANDAs). In an analyst conference call, the company noted that the US base business had seen a price erosion of 4 per cent which was lower than the previous quarters. The growth in US revenues was primarily on account of sales of generic Lialda (an ulcerative colitis drug) and Tamiflu (influenza drug).
The India business saw a 15 per cent yoy growth during the quarter under review to Rs 9.17 billion and on a like to like basis (adjusting for GST), the growth is 19 per cent, the company said in a post results conference. In India, the company launched 12 new products including line extensions during the quarter with four first in India launches.
During the quarter, the company received the marketing approval from the Mexican regulatory authority COFEPRIS (Federal Commission for the Protection Against Sanitary Risk) to commercialize Lipaglyn (Saroglitazar Magnesium) in Mexico for the treatment of Dyslipidemia in patients with diabetes mellitus type 2 and Hypertriglyceridemia in patients with diabetes mellitus type 2 not controlled by statins.
It also entered into a public private partnership with the Indian Council of Medical Research (ICMR) during the quarter, to launch new diagnostic kits, developed by ICMR’s National Institute of Virology (NIV), Pune to detect neglected infectious diseases in livestock.
The stock prices were up 2.1 per cent in day's trade and ended at Rs 404.75 a share on the BSE.