Alembic Pharma Q4 PAT tumbles 86% YoY to Rs 35 cr

The pharmaceutical company reported 85.9% decrease in consolidated net profit to Rs 35.46 crore for quarter ended March 2022 as against Rs 250.70 crore in quarter ended March 2021.

Net profit after tax for the quarter stood at Rs 35.46 crore after charging off a non-recurring expense of Rs 188 crore. Net sales stood at Rs 1,415.74 crore in Q4 FY22 as against Rs 1,280.39 crore during the same period in the previous year, registering a growth of 10.6%.

Profit before tax stood at Rs 40.59 crore in the fourth quarter, tumbled 86.1% from Rs 291.86 crore in the same period last year. The profitability was further dented after the company reported a 30.8% spike in total expenses to Rs 1,255.64 crore in Q4 FY22 over Q4 FY21, Alembic Pharmaceuticals said in a statement.

The consolidated EBITDA (post R&D) slumped 54% to Rs 164 crore in Q4 FY22 as against Rs 359 crore in Q4 FY21. The EBITDA margin (post R&D) stood at 12% during the quarter as compared to 28% during Q4 March 2022.

India Branded Business for the quarter soared 25% YoY (year-on-year) to Rs 449 crore as compared to Rs 358 crore in Q4 FY21. The acute segment and most specialty segment grew faster than Indian Pharmaceutical Market (IPM). The performance in Q4 FY22 was led by a strong growth of 57% in acute segment as compared to an industry growth of 25%. Speciality segment grew by 13% compared to industry growth of 7%.

Overseas, US Generics surged 17% YoY to Rs 557 crore while Ex-US International Formulations dropped 19% YoY to Rs 188 crore in the quarter.

Active Pharmaceutical Ingredients (API) business grew 4% YoY to Rs 222 crore with 3 Drug Master Files (DMF) were filed during the quarter.

On full year baisis, the company reported a 53.7% decrease in net profit to Rs 545.68 crore on a 1.6% fall in net sales to Rs 5,305.79 crore in FY22 over FY21.

The company filled 23 ANDA (Abbreviated New Drug Applications) filings during FY22 with cumulative ANDA filings stood at 230. It obtained 23 ANDA approvals in FY22 with a cumulative ANDA approval of 160.

Shaunak Amin, the managing director (MD) of Alembic Pharmaceuticals, said, "India Branded Business continues to deliver strong market beating growth in Q4. India Business witnessed market outperforming growth across most of the products and therapy areas."

Pranav Amin, the managing director (MD) of Alembic Pharmaceuticals, stated, "The US business grew 17% in the quarter. We continue to remain focused on the US Business hence we acquired the balance 40% stake in Aleor Dermaceuticals, making it a wholly owned subsidiary of the company."

Meanwhile, the board of directors has recommended a dividend of Rs 10 per share for the year ended 31 March 2022.

Alembic Pharmaceuticals is a vertically integrated research and development pharmaceutical company. It manufactures and markets generic pharmaceutical products all over the world.

Shares of Alembic Pharmaceuticals gained 0.68% to close at 786.80 on BSE, yesterday, 2 May 2022. The domestic markets is closed today, 3 May 2022 on account of Id-Ul-Fitr (Ramzan Id).

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