Alembic Pharma's Q2 net profit up 35% at Rs 333 cr on strong domestic biz

Consolidated total income up 17.65 per cent at Rs 1,460.32 cr in Q2 of FY21 as against Rs 1.241.23 cr a year ago

Vadodara-based Alembic Pharmaceuticals Limited has registered a 35 per cent growth in its consolidated profit after tax (PAT) for the quarter ended September 30, 2020. As against a net profit of Rs 246.27 crore in Q2 of previous fiscal 2019-20, the company posted a PAT of Rs 333.37 crore in the second quarter of current fiscal 2020-21.

The company's consolidated total income rose by 17.65 per cent to stand at Rs 1,460.32 crore in Q2 of FY21 as against Rs 1.241.23 crore in Q2 of FY'20. 

While Alembic Pharma's international formulations business and active pharmaceutical ingredients (API) business did well during the quarter, the US market drew a growth in single digits. "It was a strong quarter for the company led by growth in the domestic business. The International as well as API Business also continued to perform well," said Pranav Amin, Managing Director, Alembic Pharmaceuticals Limited.

The company's overall international formulations grew by 21 per cent to stand at Rs 779 crore during the quarter. However, international formulations business excluding the US grew by as much as 84 per cent to Rs 197 crore in Q2 of FY21. The US formulations business, on the other hand, grew by eight per cent to Rs 582 crore in Q2 of the current fiscal. 

Alembic Pharma received six abbreviated new drug application (ANDA) approvals during the quarter, taking the total to 131, while the company filed seven ANDAs during the quarter, leading to a cumulative ANDA filing tally of 198.

Meanwhile, the company's India formulations business grew by six per cent to Rs 415 crore in the quarter. Its API business, on the other hand, grew by 29 per cent to Rs 263 crore during the second quarter of current fiscal 2020-21. Alembic Pharma filed two drug master files (DMF) during the quarter.