Shilpa Medicare rallies on robust Q1 numbers

Shilpa Medicare spurted 12.48% to Rs 673.70 after consolidated net profit surged 474.7% to Rs 85.98 crore on 38.4% jump in net sales to Rs 222.86 crore in Q1 June 2020 over Q1 June 2019.

Profit before tax (PBT) soared 505.30% to Rs 115.12 crore in Q1 June 2020 over Q1 June 2019. Current tax expense for the quarter jumped 205.5% at Rs 20.93 crore as against Rs 6.85 crore in Q1 June 2019. The Q1 result was declared on Saturday, 8 August 2020.

EBITDA surged 127% to Rs 70.61 crore in Q1 FY21 as against Rs 31.14 crore in Q1 FY20. EBITDA margin improved to 31% in Q1 FY21 compared with 19% in Q1 FY20.

Commenting on Q1 FY2021 performance, Vishnukant Chaturbhuj Bhutada, the managing director (MD) of Shilpa Medicare, has said that: "We are pleased to deliver a steady performance during the quarter despite of facing a volatile and challenging macro-environment. We delivered a revenue growth of 40% and a net profit growth of 431%."

"We continue to emphasize on driving our formulations business and are optimistic on gaining new order wins in the quarters to come. We also focusing on developing a special marketing team across the key markets of Russia, Europe, Brazil, and other geographies. Our efforts towards ensuring sustainable growth are resulting in better margins."

"We continue to place importance on the investments in Biologicals and are optimistic that they will start showing results in the coming years. This business will be driven through our wholly owned subsidiary where it can be scaled up to potential. Further our interest in other growth segments will support the enhancement in earnings as we go forward," he added.

Shilpa Medicare is a global brand in manufacturing and supplying of affordable API and formulation globally in different regulated markets.

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