Ipca Labs Q2 PAT rises over 38% to Rs 266 cr

The drug maker reported 38.3% jump in consolidated net profit to Rs 266.70 crore on a 6% rise in net sales to Rs 1361.10 crore in Q2 FY21 over Q2 FY20.

Profit before tax in Q2 September 2020 stood at Rs 319.29 crore, up by 41.6% from Rs 225.43 crore in Q2 September 2020. Current tax expenses during the quarter increased 59.3% year-on-year (YoY) to Rs 53.33 crore.

On a standalone basis, the company's net profit surged 41% to Rs 275.68 crore on a 7% rise in revenue from operations to Rs 1297.77 in the second quarter as compared to same period last year.

On the segmental front, revenue from the formulations business increased by 2% to Rs 899.86 crore while the revenue from the APIs business jumped by 21% to Rs 381.03 crore in Q2 September 2020 over Q2 September 2019.

EBITDA rose by 29% to Rs 358.14 crore in Q2 FY21 from Rs 278.37 crore in Q2 FY20. EBITDA margin was at 27.28% as on 30 September 2020 as against 22.69% as on 30 September 2019.

The company incurred a forex gain of Rs 17.02 crore in the September 2020 quarter. It had incurred a forex loss of Rs 2.48 crore in the corresponding period last year.

The board of Ipca Labs has declared an interim dividend of Rs 8 per share for the financial year 2020-21 and has set 17 November 2020 as the record date for the same.

Ipca Laboratories is a pharmaceutical company with a strong thrust on exports which now account for more than half of company's income. It is vertically integrated and produces finished dosage forms and active pharmaceutical ingredients (APIs).

The scrip fell 1.08% to Rs 2311.60 on the BSE. It traded in the range of 2288 and 2367.90 so far during the day.

On a year-to-date (YTD) basis, the stock has zoomed 103.72% while the benchmark S&P BSE Sensex rose 3.08% during the same period.

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